Tax Resources for the Military Family
13 Tax Deductions You Can't Ignore: Before tackling your tax return, brush up on this baker's dozen of deductions that could cut your tax bill. 1. Traditional IRA Contributions - You have until April 18, 2011, to contribute up to $5,000 to a traditional IRA for 2010 and deduct it on your tax return. Here are some guidelines. If you weren't covered by an employer's retirement plan in 2010, you can generally deduct your contribution in full. (Continue Reading)
Military Tax Tips: Worried about filing your taxes if you're overseas or down range? Watch this video for helpful tips on filing taxes if you're in the military. Visit www.irs.gov, too, for all the guidelines relating to members of the armed forces. (Continue Reading)
Tax Tips for Military Members: Life in the military can demand sacrifices — some personal, some financial. But in many cases, Uncle Sam recognizes those hardships and offers special privileges to compensate. When it comes to paying taxes, for example, military members can claim a host of tax advantages that aren't available to civilians. Here are a few to keep in mind: Combat Pay Perks - Tax Freedom (Continue Reading)
Don't Pay to Get a Quick Tax Refund: Can't wait for your tax refund to get here? Don't fall for the offer of an expensive tax refund anticipation loan that will put the money in your pocket today. (Continue Reading)
Filing your taxes after a Permanent Change of Station (PCS): It is that time of year. Tax Season. A PCS can make this time of year that much more stressful. So before you get down to the wire, brush up on these tax tips: Form 3903 - According to IRS.gov PCSs do not need to meet the distance and time tests. Moving expenses that are not reimbursed can be claimed on Form 3903. (Continue Reading)
Tax Tips: Making a Move: The IRS offers tips for taxpayers who have moved or are about to move. If you’ve changed your home or business address, make sure you update that information with the IRS to ensure you receive any refunds or correspondence from the IRS. How to Change Your Address: You can change your address on file with the IRS in several ways: (Continue Reading)
5 Things to Do With Your Income Tax Refund: Your refund is coming...Your refund is coming. OK, so maybe stealing from Mr. Revere is a bit overdramatic when talking about a potential income tax refund. After all, my message won't change the future of a nation. I am, however, OK with borrowing a bit of his attention-grabbing magic because if you are receiving a tax refund, my refund-management message could literally change the future for you. (Continue Reading)
2012 Brings TSP Changes: Important changes are coming to the TSP in 2012! Here are some key points to remember. Your TSP Contribution Limits Each pay period, you may contribute as little as one percent of your pay to your TSP account. You may contribute up to the amount that the Internal Revenue Code (IRC) allows each year. For 2012, some of the IRC limits have changed. (Continue Reading)
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