Military Feed

Pixabay via Pexels Members of the military have a lot of things to worry about. New enlistees are concerned whether they'll make it through basic training. Military personnel who are stationed far from their families worry about how spouses and children are faring. And, of course, those posted in dangerous parts of the world are in constant concern for their own safety. But every tax filing season, members of the military also must worry about taxes. Taxes for all, but some military breaks: Yes, with all the other responsibilities we place on the men and women who serve the United... Read more →


You thought you'd get a break from taxes when summer arrived, didn't you? Sorry. June, the first month of summer, also includes tax deadlines for some taxpayers. If you're a U.S. taxpayer who is living and working abroad, including members of the Armed Forces posted overseas, June 15 is your Tax Day. You must file your 2021 tax return by then. June 15 also is the due date for the second estimated tax payment of 2022. This applies to folks who make money that isn't subject to withholding tax. And some folks in Puerto Rico who suffered through major flooding... Read more →


Evening traffic on Pennybacker Bridge in Austin, Texas. (Photo by Manuel Garza via Flickr) The Internal Revenue Service today delivered a bit of good news to taxpayers who use their vehicles for medical and business purposes. The standard optional mileage rates used to calculate tax deductible amounts are going up on July 1. The increase of the rates, which last were adjusted in December as part of the IRS' annual review of transportation costs, comes as the nation's national average price for a gallon of regular gasoline nears $5. "The IRS is adjusting the standard mileage rates to better reflect... Read more →


Photo courtesy National Park Service Memorial Day commemorations of the service members who made the ultimate sacrifice tend to be outdoors. That's because they usually involve military participation and flourishes. People also head this long federal holiday weekend to national parks, many of which honor military service members today and year-round. Events will be held today at the National Mall and Memorial Parks in Washington, D.C. There are more than a dozen units of the National Park system and more than 100 unique monuments and memorials in the national capital. National parks honoring national sacrifices: The tributes in America's Front... Read more →


U.S. Continental Navy ship Alfred at its commissioning at Philadelphia on Dec. 3, 1775, captured in this oil painting by W. Nowland Van Powell. America's earliest sailors also were the new nation's first whistleblowers. (Image courtesy Naval History and Heritage Command) Memorial Day and its surrounding weekend days are to honor those in the armed forces who gave their all to protect us and our country. But, thank goodness, the ultimate sacrifice isn't required in all cases. Sometimes other forms of protection are just as necessary to protect us and society at large against fraud, waste, and abuse of power.... Read more →


The annual Memorial Day weekend is almost here. The three-day holiday, officially celebrated the last Monday in May, unofficially marks the beginning of summer. Millions of Americans, restive after years of COVID-19 precautions limited their travel and festivities, are heading out today. But the name of the holiday underscores what it's really about. Memorial Day is to honor military service men and women who made the ultimate sacrifice. The United States total military war deaths are nearly 1.4 million. The National Moment of Remembrance Act was enacted in December 2000, creating the White House Commission on the National Moment of... Read more →


If you are a U.S. taxpayer living outside the country and frantically working to meet this year's April 18 tax-filing deadline, take a breath. Then mark your calendar for June 15. The Internal Revenue Service grants taxpayers who are overseas, including members of the armed forces stationed abroad, and automatic two-month extension to file. You don't have to send in Form 4868 to get it the extra filing time. Note, however, that this automatic extension to file is just that, an extension to file. If you owe tax for the 2021 tax year, you must pay it by this year's... Read more →


Since the Tax Cuts and Jobs Act (TCJA) of 2017 nearly doubled the standard deduction amounts, even more people have chosen to use that filing method. IRS data indicate that close to 90 percent of us have opted not to mess with itemizing. But dumping the Schedule A doesn't mean you give up all deductions. On tax year 2021 returns, you can claim some of your cash charitable deductions directly on Form 1040. And if you take a look at Schedule 1, one of the documents that the Internal Revenue Service created to accompany Form 1040 when the TCJA took... Read more →


You're expecting a refund, so you're planning to file your tax return soon. Wait. You might want to take a step or two back. First, you need to make sure you have all the information you need to properly fill out your 2021 Form 1040. You can get an idea of that material in my post examining some common tax statements you need to complete your filing. Second, you need more than paperwork. You need to take a good look at your personal situation and answer some questions. The responses could affect your filing. This checklist can help. Start with... Read more →


via GIPHY Did you do more driving to conduct business in 2021 as the COVID-19 pandemic seemed to abate a bit? Are you planning, Delta and Omicron variants notwithstanding, to hit the road for more business travel in 2022? If so, the Internal Revenue Service has some good tax deduction news for you. Beginning on Jan. 1, 2022, the standard mileage rates for the use of a car (or van, pickup or panel truck) will be a bit more. Next year, according to the notice the IRS issued today (Friday, Dec. 17), you can write off business travel at 58.5... Read more →


Banks can be imposing, but having an account can mean quicker receipt of your tax refund via direct deposit. (Photo by Expect Best from Pexels) It's been a busy year for the Internal Revenue Service. The agency continues to feel the reverberations from COVID-19. Throughout 2021, the IRS has been distributing coronavirus-relief-related tax money, including Advance Child Tax Credit payments and refunds based on unemployment benefits adjustments. Meanwhile, there was its main tax job. Through Oct. 22, the IRS had received almost 168 million tax returns. The good news for the tax agency is that most of those returns —... Read more →


Hurricane Ida is one reason why some taxpayers don't have to get their extended tax returns to the IRS on Oct. 15. (National Hurricane Center radar image of Ida making landfall) Millions of taxpayers are frantically filling out Internal Revenue Service forms right now. They are the folks who got an extension until today, Oct. 15, to submit their annual federal tax returns. Some, however, aren't in a hurry. The IRS has given them more time to complete their returns. Disaster related added delays: Unfortunately for those filers, the reason for an extended extension deadline isn't a welcome one. They... Read more →


In addition to visiting your local pumpkin patch this month, make time for these October tax moves. (Photo by James Wheeler via Pexels) It's October. I know I say this every month, but wow, this day got here quickly. And it's just the start of a busy month. This first full month of fall means it's time to winterize your house if you live in a place with changing seasons. You've got candy to buy so trick-or-treaters won't be disappointed. But take it from me, don't buy the sweets too soon or you'll have to buy more by the time... Read more →


Is the fifth time the charm? The owners of cannabis businesses legal in their states certainly hope that modified multiple maxim is true. The Secure and Fair Enforcement (SAFE) Banking Act would allow cannabis businesses in the 36 states with retail dispensaries (that are taxed) to operate the same way their non-marijuana related colleagues do. They could pay their federal taxes with a check, secure loans to expand their operations, and accept bank debit card transactions by customers. Right now, that's all problematic at best. Businesses that sell marijuana are limited in their banking options since the plant still is... Read more →


Photo by sarachicad via Flickr CC Since COVID-19 lockdowns began in March 2020, both employers and employees have been struggling to recover. There was hope when vaccines became widely available in early 2021, things would change. Coronavirus jab hesitancy and the Delta variant wrecked that. Some blamed added federal unemployment benefits on the trouble companies had finding staff when they reopened. Others said it was the businesses' fault for not offering better wages and benefits. Now, in the midst of the Great Resignation in which millions of workers have opted not to return to their prior workplaces, companies are still... Read more →


Are you ready for Tax Day take two? It's June 15 and it's almost here. That mid-June day is the annual deadline for millions of U.S. taxpayers who are living outside the country. That includes members of the armed forces stationed abroad. It's also the due date for the current year's second estimated tax payment. And this year, even more taxpayers will participate. June 15, 2021, is the first Tax Day for millions who literally endured disastrous situations earlier this year. Here's the scoop for all these folks now facing impending June tax obligations. U.S. taxpayers living abroad: Every year,... Read more →


Memorial Day weekend is a day of recreation for most of us. But we get to enjoy our time off in part because others served in the Armed Forces. The ultimate sacrifice of those military service personnel is the real reason for Memorial Day remembrances every May. And while losing a loved is an unthinkable, difficult situation, survivors of service members do get some special tax considerations. Tax-free benefits, forgiven tax claims: Survivors of deceased Armed Forces members are provided a $100,000 payment. This amount is not taxable. Military survivors also might qualify for tax forgiveness. This situation occurs, notes... Read more →


Even before 2017's Tax Cuts and Jobs Act (TCJA) greatly increased the standard deduction amounts, most people chose to use the standard deduction amount. But one thing that the latest tax reform law didn't change is the ability for many to get some added deductions without itemizing. These used to be called, at least by the tax community, above-the-line deductions. They got that moniker because pre-TCJA they appeared in the last section of the old long Form 1040, just above the last line of that form's first page where your adjusted gross income (AGI) was entered. (A handful also were... Read more →


Since the American Rescue Plan Act (ARPA) was enacted on March 11, the Internal Revenue Service has distributed approximately 159 million COVID-19 economic impact payments (EIPs). Those deliveries come to more than $376 billion. This third round of coronavirus pandemic payments, worth up to $1,400 per person, has been going out in batches. Recipients include taxpayers who've filed 2020 returns, Social Security recipients, and veterans and their families. Still, there are some folks who aren't on the IRS' EIP delivery list. These are, for the most part, people who haven't file a tax return because they're not legally required to... Read more →


Are you a retiree constantly checking your bank account for your third COVID-19 economic impact payment? The IRS says you should get it next week. The Internal Revenue Service has some good news for the around 30 million Social Security recipients anxiously awaiting the latest COVID relief money You should get your $1,400 economic impact payment, dubbed EIP3, next week. The IRS' precise projection is that most of the third relief amounts, dubbed EIP3, will be sent electronically and show up in the recipients' accounts on April 7. Perpetual payment challenge: Getting coronavirus relief amounts to older individuals has been... Read more →


Even though we definitely are more than ready for 2020 to end, the celebration of its official departure in a few hours — that's for us here in the United States; Happy New 2021 to all y'all on the other side of the International Date Line — likely will be subdued. Thanks, no thanks, COVID-19. May you, too, be gone soon in the coming 12 months. But even if the ringing in the New Year will be in smaller, pandemic-precautioned pods, some adult beverages will be raised as the clock strikes midnight. And among those celebrating the most will be... Read more →