Here's a look at the laws that could wage a multipronged attack on your wallet and what you can do to prepare.
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.
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.
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.