This year, take command of your taxes. The Volunteer Income Tax Assistance program, provided through the Armed Forces Tax Council, provides coordinators for the Army, Marine Corps, Navy, Air Force and Coast Guard.
The secure and confidential MilTax e-filing software is provided by the DOD. It walks you through a series of questions to help you accurately complete your tax return. MilTax is tailored to military life – so you get all the tax deductions and credits you qualify for.
Service members who move due to a permanent-change-of-station move may be eligible to deduct some of their unreimbursed moving expenses from their federal income tax returns. Most moving costs are covered by military allowances, so you’ll want to save your receipts and log your expenses to calculate any possible deduction at the end of the tax year.
If you can’t file your federal tax return by this year’s deadline, then consider filing for an extension. Doing so is more common than you may think.
When major changes happen that affect your income or your assets — such as the death of a family member or the pending start of college — the last thing you want to consider is taxes.
Deployed service members are expected to file their taxes. Fortunately, the Internal Revenue Service realizes service members and their families face unique circumstances and offers tools — and some special extensions — to make tax filing easier.
Getting a tax refund may seem like free money, but it’s not. It’s money you worked hard for and are entitled to get back from the government. As you decide what to do with your refund ─ whether you are looking to help secure you financial future or otherwise ─ consider these options.
The coronavirus disease 2019 pandemic led to some temporary changes in tax laws. These come on the heels of major tax reform – the Tax Cuts and Jobs Act. Learn how you can take steps now to maximize your benefits and protect against an unexpected tax bill or penalty next year.
When you have a family member with special needs, financial planning is vital. Be prepared to take good care of your family member by tackling the money issues today.
If you’re planning to pursue higher education, it helps to have a game plan. These steps are a great way to start.
As the one source to connect you to your best MilLife, Military OneSource provides both a robust website full of information and a call center with a team of friendly professionals standing ready to assist you with any need you have. We’re here 24 hours a day, 365 days a year by telephone and online to help you with everyday life and your biggest milestones.
Perhaps you’ve decided to pick up some new valuable skills. Maybe you’re leaving the service and need to re-create yourself. No matter why you’re pursuing higher education, you need a game plan — a course of action to get you from today to that moment you walk across the stage holding your diploma in hand. Here are some practical steps to take.
Inheriting money or property can be complex. Be prepared by understanding the basics and learning where you can get help.
The Department of Veterans Affairs and other government agencies offer numerous programs and services for veterans, their dependents and survivors. Beyond benefits, these programs and services are helpful.
As a new service member, you probably have financial pressures you’ve never faced before, such as paying rent or buying a car. And you’re beginning to make financial choices that can negatively or positively impact your future, such as paying off credit card debt.
Finding the right place to live is part of the adventure of military life. Housing options will be influenced by a variety of things such as rank, location and family size. You may want to live on the installation, rent a townhome off base or buy a home. Before you decide where to build your nest, it is important to weigh all the information and know about the resources available as a renter or homeowner.