For regular citizens, the fiscal cliff deal brings lots of changes to how our taxes will be calculated.
Military spouses in states that collect state income taxes may be able to pocket a little more of their paycheck under an amendment that allows spouses to retain their legal residency in their home state.
A November 2009 amendment to the Servicemembers Civil Relief Act included a provision that exempts military spouses who are living with their active-duty sponsor under official military orders from paying state income taxes on wages earned in that state, as long as that state is not the spouse's legal residence.
Spouses are encouraged to contact the nearest military legal office for more details. Taxpayers should speak with a tax professional to see if they may qualify to file an amended state tax return for the refund.
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.