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Full-Time Student on the GI Bill? You Might Be In a Unique Tax Situation
I had someone propose an interesting question to me the other day regarding Tax Returns. The basic question went something like this: “I’m a full-time student on the GI Bill and I have zero income....
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Cash for Clunkers…Or the Tax Consequences of Donating Your Vehicle
After my 27 years in the USAF, I’m convinced that military members are some of the most generous people in the world. Folks routinely give of their time, money and possessions to help those less...
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Shake, Rattle and Roll… What Are the Insurance and Tax Implications?
Not too long ago, I was working in my home office when I was sure that the washing machine upstairs was completely unbalanced. As I started up the stairs I realized that the washing machine was off and...
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3 Things You Should Know About the Military Spouse Residency Relief Act
The Military Spouse Residency Relief Act of 2009 (MSRRA) is now law. Unlike some laws (gravity, for instance), MSRRA is not necessarily very easy to understand. Hopefully most states have already...
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There Are Really Only Four Ways to Cut Your Taxes
Photo by John Morgan That is right. I said it. There are really only four ways to cut your taxes. When you look at all the things out there, they break down into four different areas. So, let’s take a...
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Military Tax Break: Sale of Primary Residence
Let’s face it. If you are in the military and have purchased a house, often times the real estate market and your PCS orders don’t always agree with each other. Sometimes you’re forced to move when it...
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Doing Some Last Minute Shopping? Don’t Buy a Tax Bill
As the year comes to a close, there are a lot of different reasons why you might be considering investing in (buying) a mutual fund. Perhaps you got that Christmas Bonus…o.k. I know you’re on Active...
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The Thrift Savings Plan: What Is It and Why Do You Need It?
What is Thrift Savings Plan (TSP)? TSP is an account similar to a 401(k). Federal employees (including those in uniform) may participate in the TSP. Military members put pre-tax money into an account,...
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Advance Pay: The Payday Loan That Isn’t
Your PCS orders have finally arrived! Look out! Here comes your “friend” to give you the inside track on how to make a little money at the government’s expense. “Advance pay, man! It’s an...
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It’s the Most Wonderful Time of the Year…
Now that Thanksgiving is behind us, you can start thinking about the upcoming season…Tax Season that is. I know, I know this is REALLY the Holiday Season, but you can also do a few things to reduce...
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TRICARE Young Adult-Prime Available 1 Jan…But Should You Take It?
Although not specifically part of the Patient Protection and Affordable Care Act, legislation passed by Congress allows families eligible for TRICARE to purchase coverage for “dependents” that are...
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Tax Preparation, or How I Learned to Stop Worrying and Love My Computer
Get used to seeing these forms in your sleep! Photo courtesy of the IRS It’s tax time again, which means the countdown to April 15th is on. According to a recent government survey (reported in Forbes...
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The 9th Wonder of the World
I’ve been told that Albert Einstein stated that compound interest was the 8th wonder of the world. My 6th-grade teacher, Mr. Rast, helped demonstrate that to me more than a few years ago. He asked me...
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Five Tax Tips for Military Families
photo courtesy of Arvind Balaraman It’s tax time again, and that means my phone will be ringing with friends who ostensibly want to say “hello” but in reality have a tax question. Sit for the CPA exam...
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Your Rich Uncle Wants to Help You Save for Your Retirement
Photo by Tinou Bao Your rich Uncle (Sam, that is) wants to help you save for your retirement. In fact, through the tax code the US Government has done several things to help pick up the tab for your...
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Military Tax Benefit: Delayed Actions When In a Combat Zone
Dealing with the IRS is stressful enough. It can become even more stressful if you or your spouse is in a combat zone. The Government realizes this and those serving in a combat zone have some special...
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Combat Pay and the Earned Income Tax Credit
The Earned Income Tax Credit (EITC) has been a part of the tax code, in one form or the other, since 1975. According to the IRS the EITC exists, “in part to offset the burden of social security taxes...
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Full-Time Student on the GI Bill? You Might Be In a Unique Tax Situation
I had someone propose an interesting question to me the other day regarding Tax Returns. The basic question went something like this: “I’m a full-time student on the GI Bill and I have zero income....
View ArticleClik here to view.
Cash for Clunkers…Or the Tax Consequences of Donating Your Vehicle
After my 27 years in the USAF, I’m convinced that military members are some of the most generous people in the world. Folks routinely give of their time, money and possessions to help those less...
View ArticleClik here to view.
Shake, Rattle and Roll… What Are the Insurance and Tax Implications?
Not too long ago, I was working in my home office when I was sure that the washing machine upstairs was completely unbalanced. As I started up the stairs I realized that the washing machine was off and...
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