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
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.
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With today's Guardsman and reservists being called upon more often to serve longer tours, the issue of military differential pay is often raised. The following FAQ's are provided by the IRS. Q: What is military differential pay? A: Some employers voluntarily agree to continue paying full wages to their employees who are called to active duty. This is commonly referred to as differential pay. Differential pay is any payment made by an employe... more
The Social Security benefits you receive may be taxable. You should receive a Form SSA-1099 which will show the total amount of your benefits. The information provided on this statement along with the following seven facts from the IRS will help you determine whether or not your benefits are taxable. How much – if any – of your Social Security benefits are taxable depends on your total income and marital status. Generally, if Soc... more
Each year brings new tax rules, this year the Internal Revenue Service has offered the following summary of the four biggest changes that may affect your tax claim. 1. Due Date Changed for Tax Returns. File your return by April 18, 2016. The due date is April 18, instead of April 15, because of the Emancipation Day holiday in the District of Columbia. 2. Earned Income Credit Changes. Amount of credit increased. The maximum amount of the cr... more
The tax deadline is right around the corner. And, if you just bought a home, you stand to get a little cash back this year -- if you know which deductions to make. In order to get you up to speed on which deductions new homeowners qualify for, the IRS published a homeownership tax deduction guide. Here are nine deductions, Nolo.com summarized, you can start with: 1. Mortgage Interest: If you and your spouse file jointly, you can deduct a maxi... more
The Federal government and several states have helped those saving for college by providing tax benefits. Coverdell Education Savings Accounts (CESAs) and Section 529 plans offer tax-free growth of any investment earnings and tax-free withdrawal of proceeds for qualified educational expenses, which makes them attractive if you are saving for the education of a child, grandchild or any other child under age 18. While neither CESA nor 529 plan ... more