As a military spouse tax time can be a bit stressful to say the least -- here's answers to some of the most common questions.
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With the start to the new year behind us, it is time to once again plan ahead for tax season. With the exception of those serving in combat zones or stationed outside the U.S, most military personnel and their families must file taxes by the traditional April 15 deadline. As usual, there are a number of unique credits and deductions available to servicemembers. This article will focus on the deductions available to military families. All info... more
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. To help out, we've tracked down the answers to some of the most common cross-state questions. As you ponder your situation, remember that seven states have no income tax at all: Alaska, Florida, Nevada, South Dakota, Texas, Washington and Wyoming. 1. What if I l... more
There's no place like home, but when a member of the military is asked "What is your home of record (HOR)?" sometimes the answer isn't as simple as you might expect. In fact, determining "home of record" can be quite confusing. Easily mistaken for the term "state of legal residence (SLR)," there are important differences for members of the military to understand so they can determine which term is most relevant for their current situation. I... more
Below is information on state income tax rules, organized alphabetically by state. Information on U.S. territories and possessions is included at the bottom of the list. State Tax Information Alabama Maine Pennsylvania Alaska Maryland Rhode Island Arizona Massachusetts ... more
For many married couples, it makes sense to file joint federal income tax returns. A number of benefits are only available to married couples filing jointly, so it's important to carefully consider your own situation and consult a tax professional before choosing how to file. "In many cases, it does not make sense to file separately because you probably are not going to save any money," says Bob Meighan, vice president of customer advocacy fo... 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.