Here's a look at the laws that could wage a multipronged attack on your wallet and what you can do to prepare.
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As you prepare your tax return this year, plan ahead. Will you be getting a refund and how will you use that money? According to a study conducted by Lab 42 for Navy Federal Credit Union, 75% of consumers with a military affiliation are expecting a tax refund this year. The top three ways consumers plan to spend their refund is to pay off debt, put in savings or buy electronics.1 If you plan to splurge with your refund this year, here’s a sma... 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
Tax Tips for Military Spouses As a military spouse tax time can be a bit stressful to say the least. There are regular tax questions: What are the new changes to tax law? What can I deduct? Who can I claim? Then there is an entirely new set of questions because you're a spouse of a service member: How do I file our joint return with my service member deployed? What state do I file my taxes in? What benefits are we allowed as mili... 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
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.
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.