Military families must contend with moving and child care issues -- and both of these issues can be very expensive. However, Permanent Change of Station (PCS) and the Child Tax Credits can help eas... more
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As April 15 approaches, clever crooks use the IRS to try and separate you from your hard-earned money. Like most people, you probably have a healthy respect for the taxman. But don't let that intimidation factor override your common sense. Be on the alert for these four common tax scams. 1. Phishing Using the Refund Lure The most common scammer tactics are variations on the tried-and-true phishing trick that uses a phony email to solicit yo... more
Are you part of the American tax-filing majority who's about to get a big, fat tax refund? If so, I have a question: What are you going to buy yourself with it? What? A CERTIFIED FINANCIAL PLANNER™ is asking how you plan to spend your tax refund instead of telling you to pay off debt with it, save it or invest it? And he's not saying it's a financial mistake to get a refund in the first place? That you should change your withholding so you ke... more
Two new federal laws promise to have an effect on your income tax bill in 2013 and beyond. Health care reform and the "fiscal cliff" resolution mean new and higher taxes on the wealthiest Americans, extended tax relief for others, but higher payroll taxes for all wage earners. To help understand how these laws may affect you, here are five hypothetical scenarios to illustrate how you could more effectively direct money and manage taxes. The ... more
For all the talk about tax changes at the end of 2012, many people are still left wondering what it means for them. "'Is it a big deal? Or is it business as usual?' are questions I'm hearing," says Scott Halliwell, CERTIFIED FINANCIAL PLANNER™ practitioner with USAA. "While many issues were resolved, a lot of taxpayers still aren't sure how their tax returns and deductions are affected," he says. If you're one of those people, brush up ... more
Millions of Americans celebrate receiving an income tax refund each year. Many of these same people live each month under the burden of financial hardship, struggling to make ends meet, often falling behind on living expenses and debt obligations. The February poll hosted on the National Foundation for Credit Counseling (NFCC) website revealed that a significant majority of respondents, 58 percent, intentionally plan to always receive an inc... more
Once the VA has granted your disability, an entitlement letter will be provided that outlines the percentage of disability and monthly compensation amount granted.
With tax season in full swing, you should take note of the many deductions and credits available to you because of your military service; whether on active duty or on reserve.
Although going back to school can be a pricey venture, military servicemen and women should keep in mind that their military status makes them eligible for certain education benefits.
Let's face it -- the American tax system isn't known for its simplicity. And the confusion factor just climbs higher when you lived or worked in more than one state during the year.