There's good news for military families who plan to have children or currently raising them. There are a number of tax benefits available to those who claim a dependent child on their income tax re... 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.
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Tax season can be taxing enough without additional pressure from fraudsters, but unfortunately, these scams often peak during tax-filing season. The IRS recommends you keep an eye out for: Additional disability compensation scams. An email targeting military members that appears to come from Defense Finance and Accounting Services and displays a “.mil” email address. The email may state that if you receive disability compensation from Veteran... more
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