Online Tax Filing for Military
Military Members Taxes Online Can be Done at $25- Includes Federal and State
Taxes can be complicated and daunting for anyone, let alone military members who may not have a lot of experience with taxes. They’re also probably pretty busy just trying to take care of their own personal finances, as well as taking care of the needs of their family. We offer the best online tax filing for military members. To make matters more challenging, military members often have to follow unique rules and procedures. We also offer great tips and resources available that can help even the most tax-conscious military member get all their tax paperwork organized and squared away in no time. Read on for seven things you need to know about your online tax filing for military members.
You’re eligible for certain tax benefits
If you’re a member of the military, you may benefit from a military tax advantage that others may not. Since you may be moving around so much, you may be eligible for the Additional Child Tax Credit. This is a refundable credit that may be worth an extra $1,000 per child.
This is worth looking into if you’re trying to make ends meet, or if you have several children and need to make sure they don’t end up being too much of a financial burden. There’s also the Earned Income Tax Credit (EITC). This isn’t a refundable credit, but it does provide some income for low-income military families.
You’re not alone in having trouble with military members taxes
There’s a myth that only the wealthy have trouble filing their taxes. In fact, the wealthy hire high profile tax experts and have very little problem with their taxes. While a small percentage of Americans do have issues with filing taxes, many more in the military struggle with military retirement and taxes because of their moving. That’s because taxes can get complicated really quickly. Especially online tax filing for retired military who seek free tax filing.
As you start to think about how you’re going to cover your monthly expenses, like rent, mortgage, utilities, and groceries, as well as what you plan to put away for your retirement, you’ll quickly realize there’s a ton of stuff you need to keep track of. That’s when you can easily get overwhelmed and frustrated with all the details.
That’s not to say there’s anything wrong with being a little messy with your finances. It’s perfectly normal and fine to be a little disorganized with your finances. But you do need to find a balance, especially with a military members taxes.
There are different types of taxes you need to be aware of
With so many different types of taxes, it’s important to know what’s what. As you start to take the necessary steps to get your taxes figured out, you may start to realize one of the most important things of all: you don’t have to be a tax professional to get your taxes done. There are plenty of online tax-preparation services that can help you get your taxes done, even if you don’t have a ton of experience with taxes. And, with the right resources, you can get your taxes done in no time.
On top of that, there are some traps to be aware of when it comes to taxes
Even though there are a few tax benefits that may be available to military members, you may want to be extra careful when it comes to claiming them. That’s because there are also some tax traps that may be buried in the fine print.
For example, there may be some tax benefits available to other Americans that are inaccessible to military members. That’s why it’s important to know the rules and regulations that apply to the benefits you may be eligible for. It’s also important to be careful when claiming deductions and credits. You generally can’t claim more than you can actually deduct from your taxes.
You can get free help with your taxes through the military community
If you’re looking for resources and help to get your taxes done, not only can you try a few online tax-preparation services, but you can also go to your local community center. There are often community centers that have volunteers who can give you a hand.
Or, if you’re not in your local community, there are often military-specific resources available, too. These may include charities that provide free tax help or free tax-preparation software. There are also plenty of online resources to help you get your taxes done, including free tax software, so you don’t have to worry about not having the resources you need.
The IRS has several tax benefits for military members and their families, but it can be confusing to know what to claim. These last paragraphs will discuss the various rights that protect military service members and their families. The two laws are the USERRA and the Servicemembers Civil Relief Act.
Servicemembers Civil Relief Act
The Servicemembers Civil Relief Act (SCRA) gives military members important rights as soon as they enter active duty. These rights range from those that govern the payment of income tax to those that cover rent, mortgage interest rates, and security deposits. It also protects those who hold a valid power of attorney. These benefits may apply to all members of the military and their dependents.
Among other benefits of the SCRA, this legislation provides protection for the military and their families. For example, certain protections apply to debt, life insurance, and mortgages. However, you should seek professional help to determine if you qualify. Also, certain credit card companies and banks will lower interest rates if you joined the military. If you are in a contract, you should check with your lender to see if it is covered by SCRA.
USERRA
USERRA is a law passed in 1976 that protects the rights of service members and their dependents. As a result, if you are in the military, you may be entitled to certain tax benefits, such as tax-free medical care. This law is a boon to the service members and their families. Employers must recognize this benefit by supporting military employees and their families by providing benefits to them.
USERRA protects veterans and military personnel from discrimination in the civilian workplace. This law prevents employers from taking negative action against a service member, such as not hiring them. It also protects veterans and their families from discrimination in the workplace. There are several other benefits available to military members and their families. For instance, the U.S. Department of Labor provides information on the USERRA and how to apply for it.
Wrapping up: Is there anything else you need to know about your taxes as a military member?
As you can see, taxes can be complicated and confusing. That’s why it’s important to remember that you don’t have to be a tax professional to get them done. There are plenty of resources available that can help you get your taxes done, even if you don’t have a ton of experience with taxes.
Military members should be aware of another tax benefit called the Thrift Savings Plan.
Military Retirement and Taxes – Thrift Savings Plan
The Thrift Savings Plan is available to military members and their families. Contributions are automatic and up to 5% of your pay is matched by the military service. This plan functions pretty much like a civilian retirement plan.
You can invest in a traditional plan or in a Roth, and it follows the same rules that the IRS imposes on non-service members. It also has the same catch-up provisions starting at age 50.
Conclusion
No one says that doing your own taxes is easy, but for most members of the military, it can be frustrating. The constant moving, especially if a transfer to a combat zone is one of them. Filing military taxes online is often the better way to go.
You know, with all the benefits and protections that come from being in the military, it can be easy to forget that taxes exist. That’s why it’s important to be aware of how you can get your taxes done for the lowest cost and least amount of stress.
Federal and state taxes can be complicated, but it’s not impossible to file your own military members taxes online. In fact, it’s incredibly easy to do on your own. At EZ Online Taxes, we’re proud to offer a very low cost online tax filing for military personnel. We offer a flat rate of $25 that includes your federal and state returns and free e-filing to the appropriate taxing authorities. Give it a try and see for yourself.
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