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Helping Military Families Make The Most of Their Money

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Taxes on Military Bonuses: How and Why

30 August 2020

This post may contain affiliate links, from which I may earn revenue to support this free site. All opinions are my own, and I only promote products that I use and love!

How do you figure taxes on military bonuses?

I’ve noticed a lot of cfrustration 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…

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Filed Under: Taxes

Capital Gains Rules for Military Families

29 July 2020

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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) and consult with your tax professional to see how the rules apply to you. When you’re in the military, one of the most… | Read More…

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Filed Under: Housing, Taxes

From The Mailbag: A CPA Who Doesn’t Get SCRA

24 June 2020

This post may contain affiliate links, from which I may earn revenue to support this free site. All opinions are my own, and I only promote products that I use and love!

There seem to be few things as confusing as state of legal residency as it applies to military service members and their spouses. Even the professionals are often under-informed or confused. As we see in this email I received: Hi, I am a CPA in CA. I have a client in the Marines. His “home… | Read More…

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Filed Under: Taxes

Income Taxes After Military Retirement: Don’t Get Stuck With A Huge Bill

20 May 2020

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There’s a rumor floating around that somehow your taxes are going to zoom up after you retire from the military. As with many rumors, there is a bit of truth in it, but there’s also just a lot of confusion. It is true that some military families end up with large tax bills in their… | Read More…

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Filed Under: Retirement, Taxes Tagged With: military, retirement, taxes

Understanding The Military Spouses Residency Relief Act and How It Applies To State Taxes

28 January 2020

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  I am republishing this article to be more clear about the 2018 updates. The Military Spouses Residency Relief Act (MSRRA) is 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… | Read More…

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Filed Under: Spouses, Taxes Tagged With: driver's license, military, military spouses residency relief act, msrra, spouse, taxes

How To File For An Income Tax Extension, Military-Style

10 January 2020

This post may contain affiliate links, from which I may earn revenue to support this free site. All opinions are my own, and I only promote products that I use and love!

Military members can get an automatic tax extension.

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 Wednesday, 15 April 2020.  Each year, more than 10 million Americans aren’t ready to submit their returns on that date, and file for an automatic extension of the tax… | Read More…

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Filed Under: Taxes Tagged With: combat zone, military, overseas, tax extension

Favorable Tax Rules for Military When Excluding Capital Gain from Sale of Principal Residence

25 November 2019

This post may contain affiliate links, from which I may earn revenue to support this free site. All opinions are my own, and I only promote products that I use and love!

I asked my smart friend Paul Allen if he could possibly explain the capital gains exclusion in another way, especially the part about partial exclusions. I’ve always been confused by them. Even though I’ve written about this here, I was still baffled about that part. And Paul came back in a big way. I am… | Read More…

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Filed Under: Housing, Taxes Tagged With: military, rental, sale, taxes

Kate Rants: It’s Not About The Refund or Owing More Taxes

8 March 2019

This post may contain affiliate links, from which I may earn revenue to support this free site. All opinions are my own, and I only promote products that I use and love!

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’s not surprising; the sweeping legislation commonly called The Tax Cuts and Jobs Act… | Read More…

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Filed Under: Taxes Tagged With: refund, tax

How Income Taxes Work – Even If You’re Not A Tax Person

23 February 2019

This post may contain affiliate links, from which I may earn revenue to support this free site. All opinions are my own, and I only promote products that I use and love!

Income taxes can be difficult. There are literally thousands of pages of laws, and hundreds of different forms that some people have to use to file their income tax return. However, the basic system isn’t really that complicated. The Budget Billing Analogy Before I explain the income tax system, let me explain something very similar:… | Read More…

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Filed Under: Taxes Tagged With: taxes

Maintaining All Your Stuff In One State: Why It Matters Now More Than Ever

20 February 2019

This post may contain affiliate links, from which I may earn revenue to support this free site. All opinions are my own, and I only promote products that I use and love!

Legal offices and financial counselors have been saying it for years: try to be consistent in demonstrating your state of legal residence. And there are always some military service members and family members who insist that it doesn’t matter, that no one has ever challenged them, and that the legal and financial folks are just… | Read More…

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Filed Under: Taxes

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Welcome

Hi! I'm Kate! Personal financial educator, Navy spouse, and mom of four.

Here at the blog, I talk about the personal financial issues that affect military families - pay, allowances, and benefits. Plus college stuff, landlording, moving, taxes. You know, all of it.

I'm glad you are here!

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This site does contain advertising and affiliate links. If you click on an advertisement or link, I may be compensated. I only promote companies that I love and trust. Kings High Media/KateHorrell.com is a participant in the Amazon Services LLC Associates Program, an affiliate advertising program designed to provide a means for sites to earn advertising fees by advertising and linking to Amazon.com

Disclaimer

Kate does not represent the Department of Defense, the Department of Veterans Affairs, or any government agency. This blog is strictly for informational and entertainment purposes only. The content on this site should not be considered professional financial or legal advice. I may receive compensation through affiliate or advertising relationships from products mentioned on this site. All reviews on this site represent the personal opinions of the author. All references to third party products, rates, and offers may change without notice.

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