Preparing and filing your own taxes can be challenging for someone who is not a tax professional. There are additional complications when filing taxes if you are in the military, such as multiple pay types like tax-exempt combat pay, residency in more than one state within one tax year, and more. In recent years, tax … Read more

Filing your tax return can be complicated and time-consuming. That’s why many people choose to hire a professional to help them file their taxes. That’s what I have been doing for the last several years. That’s also why The Military Wallet has teamed with H&R Block. Our exclusive $25 discount offer with H&R Block is … Read more

When you sell an investment for more than you bought it, the government wants a cut of the gains, known as capital gains. You must pay taxes on your capital gain swhen you sell your investment. However, the amount of taxes you have to pay on the gains depends on two major factors:  How long … Read more

Table of Contents Final Pay Retirement System High-36 Retirement System  REDUX Retirement System REDUX Career Status Bonus and Retirement Pay Modification REDUX Retirement Multiplier Blended Retirement System  Blended Retirement System – Defined Benefits TSP Matching Contributions BRS Continuation Pay BRS Lump Sum Military Disability Retirement  Active Duty Retirement vs. Reserve Retirement Military Reserve Retirement How … Read more

Table of Contents Free Tax-Preparation Eligibility Free Tax Service On Base – Volunteer Income Tax Assistance (VITA) Free Tax-Preparation Software for Military Members Military OneSource TaxSlayer TurboTax IRS Free File File Taxes Free With TaxAct Other Popular Tax Software Options File Taxes With TurboTax File Taxes With H&R Block File Taxes With FreeTaxUSA Other Tax … Read more

Editorial Note: We may earn a commission through links from our partners. American Express is an advertiser on The Military Wallet. Commissions do not affect our editors’ opinions or evaluations. Terms Apply to American Express benefits and offers. Table of Contents Credit Cards by Category Our Overall Top Pick – The Platinum Card® from American … Read more

A transition from active duty is a turbulent time. Whether you are retiring, separating or going to the Reserves, there are a lot of financial impacts to your life. It’s important to take some time to recognize what those impacts look like. If you know the tax consequences before your transition, then you’ll make more … Read more

One of the first steps in creating a budget is anticipating how much money you’ll make, and when you will have it. In general, military pay dates are easy to remember: You usually get paid on the first and 15th of each month. There are exceptions when those dates fall on a weekend or holiday. In those … Read more

Taxes are a part of life. While I don’t mind paying my share of taxes, I have a problem with the tax system’s complexity. Being a small business owner adds another layer of paperwork and administration. Trying to keep up with all tax credits, deductions, tracking expenses and managing the various tax forms can be … Read more

If you’re expecting a tax refund, you obviously want to get it as quickly as possible. That way, you can put it to work for you sooner rather than later. The fastest and safest way to get your tax refund is to submit your return online, using e-file. There are three ways to file your … Read more