The military can be confusing, with all its special terms and acronyms. One of the terms most often misused is home of record. The term comes up in questions about taxes and driver’s licenses and final moves. On rare occasions, when talking about final moves, it’s being used properly. The other 99.9% of the time,… | Read More…
Capital Gains Rules for Military Families
Note: This is not professional tax advice. While I have confirmed this information with various professionals, do not take my word for it. Read the tax rules yourself (link at the bottom.) Then, consult with your tax professional to see how the rules apply to you. Capital Gains? What the heck are they, and when… | Read More…
Financial Advice for New Military Spouses (and the rest of us)
I’m fortunate enough to sometimes talk to some new, or new-ish, military spouses. There’s so much to know about money in general, and money and the military can be particularly tricky. I usually have a limited amount of time, and I struggle to decide on the most important topics to discuss. I want to tell… | Read More…
Taxes on Military Bonuses: How and Why
I’ve noticed a lot of frustration about taxes on military bonuses. That’s not surprising, because it IS frustrating if you don’t understand what’s going on. But it doesn’t have to be too hard to understand. First, you have to have a firm grasp on how income taxes work. If you are not sure, then read… | Read More…
Understanding The Military Spouses Residency Relief Act and How It Applies To State Taxes
The Military Spouses Residency Relief Act (MSRRA) is an important law, but it is very misunderstood. Passed in 2009, it is actually an amendment to the Servicemember’s Civil Relief Act (SCRA) to provide certain specific protections to some military spouses. It was further updated in 2018 to include new protections for all military spouses. It… | Read More…
Why My Teen Is Having Taxes Withheld This Summer
This is an update on an old post about teens and income taxes. So the timeline makes no sense if you’ve been tracking 🙂 But the info is still true! Our family is reaching another milestone this summer – the first paid job by a teen. Daughter #2 has obtained a lifeguarding job at a… | Read More…
Your Tax Refund Isn’t What’s Important
Oh, my goodness. You spend 2 minutes communicating with anyone lately, whether in person, on the phone, via owl, or on the internet, and the talk turns to income taxes. Everyone has a story this year, and they want to share it. It’s not surprising; between the changes to withholding last year, and the child… | Read More…
Maintaining Your State of Legal Residence
Consistent maintaining your state of legal residence can be a little extra work, but it’s important to do it. Legal offices and financial counselors have been saying it for years. You have to demonstrate, through your actions, that you are intending to maintain your legal residence in the state you’re calling home for tax purposes…. | Read More…
How To File For An Income Tax Extension, Military-Style
Get a simple, free tax extension to get more time to file your federal tax return. The deadline to file your federal income tax returns is Monday, 18 April 2022. Each year, more than 10 million Americans aren’t ready to submit their returns on that date. By filing for the automatic tax extension, you will… | Read More…
Servicemember’s Civil Relief Act Text As It Applies To Spouses and Taxes
Over the years, there have been a number of federal laws trying to make life easier when it comes to military spouses and taxes. These laws have all been amendments to the Servicemember’s Civil Relief Act. The Military Spouses Residency Relief Act Passed in 2009 and amended in 2017, the Military Spouses Residency Relief Act… | Read More…