Here's a look at the laws that could wage a multipronged attack on your wallet and what you can do to prepare.
Rather than paying a tax specialist, servicemembers and their families can obtain free assistance to prepare and file their annual tax returns through a special military program. Participants can visit their installation tax center for free assistance in filling out tax returns, he said, or access the Military OneSource Web site, www.militaryonesource.com.
Free tax-filing assistance services are open to active-duty and reserve component servicemembers, as well as family members and military retirees.
Military OneSource offers a free tax filing version of the H&R Block at Home online tax preparation service for servicemembers and their families.
Servicemembers eligible under the Military OneSource program can complete, save and file their 2011 federal, and up to three state, tax returns for free.
To access this free service start a tax return from the Military OneSource website. After logging on, the website redirects to a page containing additional information on tax preparation and a link to the Military OneSource free H&R Block at Home service.
Why file online with this program? It is fast, secure and free. The status of any e-file can also be checked to ensure calculations are 100 percent correct. H&R Block will stand pay penalties and interest if something is wrong, and will provide support in the event of an audit.
The Military OneSource website is www.militaryonesourceeap.org.
For more information about this tax service, contact a Military OneSource tax consultant at 1-800-342-9647, seven days a week from 7 a.m. to 11 p.m.
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.
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.