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.

Related Topics

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."

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

What to Do if the IRS Sends an Audit Notice

IRS logo

It's the envelope no taxpayer wants to open: an IRS audit notice. What should you do if one arrives? Curl into the fetal position? Run? Freak out? "Don't panic," advises Bob Meighan, vice president of online tax preparation service TurboTax®. "The vast majority are correspondence audits. That means the IRS sends a letter and says the income fr... more

Tax Tips for Troops and Families: Tax Strategies

Peyton Manning disappointed

Other articles in this series: Tax Tips for Troops and Families: Overview Determining Adjusted Gross Income Tax Deductions Taxable Income and Credits [For tax preparation options and discounts for  military families and veterans, see the Tax Prep section.] Season endings are always a good time to reflect on what has been acco... more

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