Military Taxes

tax forms

With the exception of those serving in combat zones or stationed outside the U.S, most military personnel and their families must file taxes by the April 15 deadline. It is important to know which pay and allowances can be excluded from your gross income. Members of the Military community can claim a host of tax advantages that aren't available to civilians including combast pay, breaks for guard and reserve, free tax assistance and more.

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Personal Finances

As the year-end fiscal cliff deadline approaches, military personnel are increasingly worried about their financial futures.

While the tax package will protect 99 percent of Americans from an income tax increase, most will still pay more federal taxes in 2013.

Military Benefits and the Fiscal Cliff

Benefits expert Tom Philpott explains what's at risk for the military community as Congress edges the nation closer to the "fiscal cliff."

How to Deduct up to $4,000 in Education Expenses on Your Taxes

tax forms 600x400

If you, or a member of your family, attended college last year, you may be eligible to deduct up to $4,000 in education expenses. The following six education tax benefit FAQ's will help you quickly determine if you can take advantage of this tax break. What is the tax benefit of the tuition and fees deduction? Who can claim the deduc... more

State Retirement Income Tax

Tax time

Some States exempt all or a portion of retired pay from income taxation. In all States, disability payments received from VA and all Social Security payments are exempt from taxation. State income tax, where applicable, is not withheld from retired pay unless a state has entered into an agreement with the Department of Defense to permit financ... more

Bill Would End Tax Penalty on Vets with Forgiven Student Loans

Marine walking with college books.

Permanently disabled veterans or survivors of veterans who have their student debt forgiven would avoid taxes on the "income" under legislation recently introduced in the U.S. Senate. By law, forgiven student debt is counted as income by the Internal Revenue Service, resulting in veterans or their survivors and others being hit with a tax bill ... more

Paycheck Chronicles: Retiree Tax Questions

Tax time always brings a lot of questions from readers. This Paycheck Chronicles post is a compilation of tax-related questions received from retirees. more

Tips for Making the Most of Your Tax Refund

Packs of hundred dollar bills. Photo courtesy of Pixabay.

Although tax season is often the most dreaded time of year, many consumers actually look forward to getting what's owed to them, particularly since in recent years the average federal income tax refund has been in the $3,000 range. Once the refund is received, the question becomes one of how to responsibly use the money. Consumers should nev... more

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