For regular citizens, the fiscal cliff deal brings lots of changes to how our taxes will be calculated.
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Other articles in this series: Tax Tips for Troops and Families: Overview Determining Adjusted Gross Income Remember those simple childhood days when it was a big deal to finally be tall enough to ride on the big rides? Then there was that period where you were tall enough for the big rides, and still not too tall to go on the little rides and fast food restaurant play places. As you continued to grow, somewhere in that 44-56" height r... more
Military.com | Mar 04, 2014
Although many have started to prepare their tax statements for the 2013 tax year, the start of the new year is also an ideal time to look ahead for the current tax year. This is especially true if you haven't looked over the updated 2014 income tax brackets, which the Internal Revenue Service adjusted for inflation and released in late October 2013. The adjustments increased the brackets by about 1.6 percent over figures from 2013. The ... more
Other articles in this series: Tax Tips for Troops and Families: Overview A scene from 1981's Raiders of the Lost Ark describes the proper staff height from which a jeweled medallion affixed on top and placed in a map room at a specific time of day will reveal where the Ark of the Covenant is hidden. Markings on one side of the medallion prescribes a "six Kadan height" but then the other side calls to subtract "one Kadan" to build the ... more
Let's be blunt: The American tax system is complicated. If you lived or worked in more than one state during the year, filing your state taxes can be confusing. "One of the most important things to remember when you've lived in more than one state is that you'll likely have to file income tax returns in each state," says J.J. Montanaro, a certified financial planner ™ practitioner with USAA. To help cut through the confusion, we've tracked d... more
The well known, but little discussed (inside sports circles) season between the Super Bowl and Baseball Opening Day is here -- Tax Season. Across the country, W-2s, 1099s, Mortgage Interest Statements, and myriad other documents are filling mailboxes to provide all the documentation necessary to file personal income to the IRS so that taxes through the year accurately reflect what each household was assessed. Tax season doesn’t typicall... more
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.
Servicemembers who recently enrolled in continuing education programs or signed up for skills building classes, have several government reimbursement programs and income tax benefits that can help ... more
To deduct moving expenses, you generally must meet certain time and distance tests. However, if you are on active duty and you move because of a PCS, you do not have to meet these tests.