Taxes

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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, and have the right to take the money out of the account at a certain point in...
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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 Duty and Uncle Sam hasn’t found it in his heart to give Christmas bonuses yet,...
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There Are Really Only Four Ways to Cut Your Taxes

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 look at each area and the pluses and minuses. Spend a Dollar to Cut...
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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 gone through their “growing pains” in adapting to and adopting the MSRRA, but that does not mean there aren’t...
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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 I was going through an earthquake. I spent a few years in...
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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 fortunate than themselves. If you have considered donating a car to charity, you may be...
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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. Should I file a tax return?” My first thought was, “No you have no requirement...
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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 and to provide an incentive to work.” Because of the numerous changes...
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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 exemptions for taking action with the IRS. Taking action can include: filing your taxes,...
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Your Rich Uncle Wants to Help You Save for Your Retirement

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 retirement savings. I’ll review a couple that you may already be familiar with and then...
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