KateHorrell

Helping Military Families Make The Most of Their Money

Tax Returns: When One State Isn’t Enough


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My friend Jerry Zeigler is always helping me out with tax questions, and he’s graciously shared this information about how and when military service members and their spouses may need to file tax returns in multiple states. We definitely did this wrong for a few years, and it cost us money in the long run…… | Read More…

Home of Record and State of Legal Residence: Things You Need To Know


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The military can be confusing, with all its special terms and acronyms. One of the terms most often mis-used is home of record. The term comes up in questions about taxes and driver’s licenses and final moves. On rare occasion, when talking about final moves, it’s being used properly. The other 99.9% of the time,… | Read More…

Taxes on Military Bonuses: How and Why


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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…

Capital Gains Rules for Military Families


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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…

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


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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…

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


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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…

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


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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…

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


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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…

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


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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…

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


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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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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.