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Social Security Tax Repayment: What To Do With A Corrected W-2

28 December 2021

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Most military service members are finishing up the Social Security tax repayment from the deferral that happened in the last part of 2020. This will be a change in your paycheck and you may get a corrected 2020 W-2. What Were The Deferral and Repayment? From September through December of 2020, Social Security taxes were… | Read More…

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Filed Under: Pay, Taxes

Tax Returns: When One State Isn’t Enough

7 October 2021

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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…

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Filed Under: Taxes

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

20 May 2021

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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

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

23 February 2021

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’s lots of misunderstanding about how income taxes work. There are literally thousands of pages of laws, and hundreds of different tax forms. However, the basic system isn’t really that complicated. Understanding the basics of how income taxes work is a key step in making sure that you get your taxes right. It also helps… | Read More…

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What Military Moving Expenses are Tax-Deductible?

21 January 2021

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PCS moves are expensive.  Even with all the allowances, you’ll sometimes have some out-of-pocket expenses, especially if you have pets.  Thankfully, unreimbursed moving expenses can be deducted from your income taxes, and they’re a most valuable type of deduction. Disclaimer: No article can address every specific tax situation. Do not make any decisions based solely… | Read More…

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Filed Under: Moving, 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

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

New Law Will Make Tax Time Easier For Military Spouses

4 January 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!

This post has most recently been updated on 4 February 2019. The president has signed the a bill that permits military spouses to use the legal residence of their service member for purposes of taxes (and voting.) S. 2248 (115th): Veterans Benefits and Transition Act of 2018 has a provision that states: “For any taxable year… | Read More…

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Filed Under: Spouse Careers, Taxes

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WELCOME!

Hi! I'm Kate! Accredited Financial Counselor®, Navy spouse, and mom of four.

Here at the blog, I talk about the financial issues that affect military families - pay, allowances, and benefits. Plus college stuff, landlording, moving, taxes. We cover a little bit of everything.

My goal is to give you the tools to make the best decisions right now, so you'll be confidently prepared for whatever comes next - whether that's a PCS move, transition to civilian life, or retirement.

So grab a cup of coffee, tea, or whatever makes you happy, and let's get to know each other.

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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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