Veterans, Military Spouses, and Military Members Are you ready for Tax Season?
??Steven Weston??
Chief of Staff-Marketing Comms @ Verizon | Military Friendly & GI Jobs Veteran Champion OTY in Corporate America | 4x Top Voice (Gold) | Prog & Proj Mgt | HR | Recruiting | Sales | Mktg | Brand Ambassador | HoH Alumni |
Veterans, Are you ready for Tax Season?
With tax season at our doorstep, I thought it would be valuable to provide some resources to aid the community. As military members, veterans, and military spouses, there are many tips and services at the ready to assist you. Please take a moment to read this short article and utilize the credited links to assist your knowledge base on the potential tax benefits you may or may not be aware of.
Some real quick items to consider:
~Ensure you take advantage of the Childcare tax credit.
~Ensure your residencies are up to date.
~Review your W-2 information to make sure it is correct.
Did you know that the Active military community can utilize Turbotax at no cost on Militaryonesource.com?
What is MSRRA?
~It is a benefit that allows the #Milspouse to declare the same state of legal residence as the active-duty member. To qualify:
~The spouse must reside in the state primarily to live with the service member
~Both the spouse and the military member must have the same resident state
~The service member must be on orders in a state that is not their resident state.
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*MilSpouses can also pay taxes and vote in the active-duty member’s state of legal residence.
If you are looking for more information on MSRRA, check out this link:
For the Active-Duty military member, are you aware of all the Tax definitions, exemptions, and exclusions? I recommend checking out the military one source page breaking down the list and defining each one.
Are you curious about which States offer the most advantageous programs for veterans and military members and their families? This is an invaluable resource as many members are unaware of all the programs that many of these states offer. Especially if you are looking to retire from the service, what states will allow your fixed income to go further?
For the Guard and Reserve members are you aware of your deductible items?
"Military reservists and National Guard members are entitled to a tax benefit for unreimbursed business expenses for drill mileage, lodging, meals, and other incidental expenses -- but only if they or their tax preparer can figure out where to include it through their tax preparation software.
This?tax break?is only available for travel more than 100 miles from home to fulfill duties as a member of the Reserve Component. The Reserve Component is a technical term that includes?National Guard?and reservists. The Internal Revenue Service refers to this group collectively as "reservists." "
Always consult a licensed tax professional before taking any advice on social media.
As always, very timely and helpful tips for the military community, ??Steven Weston. Thank you for sharing!
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1 年Thank you for the useful tips. Not everyone pay attention to their pay slip or W2. I had a soldier who received housing allowance from Basic training until he came to our unit. Luckily for him, we always ensure that the NCOs help new soldiers to check on their pay and other necessary yhings. That’s when we realized that he has been receiving extra income. Guest what Uncle Sam did when the situation was realized! You can say the rest……. Luckily he was a good Soldier and he saved a lot of his pay since he was in the barracks and had mature financial brain.
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1 年Thanks for Posting.