KateHorrell

Helping Military Families Make The Most of Their Money

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


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!

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…

10 Things To Know About Money and Deployment


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!

When people talk about deployment, one thing that often comes up is money. How do taxes work? How much do people spend on deployment? What do you do about the bills? What’s the best way to save? The answers to these questions are different for everyone, and many of them depend on the specifics of… | Read More…

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


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 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…

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


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!

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…

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


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. Understanding the basics of how income taxes work is a key step in making sure that you… | Read More…

Understanding Depreciation Recapture Taxes on Rental Property


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!

My friend Forrest has shared his article about depreciation recapture: What Military Landlords Should Know About Section 1250 Depreciation.  Sometimes it’s helpful to hear things from two different voices 🙂 You’ve owned a rental property for a few years, and it’s worked out pretty well.  You’ve made a little bit of money most years, and you’re… | Read More…

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


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 am republishing this article to be more clear about the 2018 updates. 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… | Read More…

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


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…

Affiliate Disclosure

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.