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."

2013 Tax Changes: Should You Be Worried?

tax forms

Here's a look at the laws that could wage a multipronged attack on your wallet and what you can do to prepare. Over the last few years, Americans have observed a series of tense Capitol Hill confrontations over what to do about expiring tax code provisions. While each was significant, their scale is dwarfed by what looms at the end of this year... more

Free Tax Return Prep for Military Families and Veterans

Internet

Earlier this week, the Internal Revenue Service (IRS) started accepting electronically filed tax returns as well as paper returns. The IRS reminds taxpayers that filing electronically is the most accurate and safest way to file a tax return, as well as the fastest way to get a refund. The following links to free tax preparation services wi... more

Tax Tips for First-Time Filers

Taxes

It's natural for first-time tax filers to feel anxiety. After all, you've heard friends and family members talk about how much April 15 stresses them out. But it's best to relax, take a deep breath and realize you're probably getting money back, says Bob Meighan, vice president of customer advocacy for online tax preparation service Turbo Tax®.... more

Tips for Making the Most of Your Tax Refund

Tax refund

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 ... more

How to Budget Your Tax Refund

Taxes

According to the IRS, the average tax refund is up 3 percent so far this year, to $3,034. That's a significant amount of money to receive with no plan in place. Some will receive their tax return and know exactly where they intend to spend that money, whereas others might want to be more strategic with their refund check. 3 Methods for Bud... more

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