2017 - 2018 Military Taxes
And Tax Filing
Over the last several years, Americans have been subjected to an ever increasingly childish display of governing from our politicians. Aside from the lack or hair pulling and crying, there is little to distinguish them from what you might term as little spoiled brats.
Like many times before, we again observed a series of tense Capitol Hill confrontations over a pile of expiring tax code provisions. Now many Americans may be looking for additional assistance in understanding how some of these issues may effect their tax situation.
Specialized Free Military Tax Support For 2015 Federal Income Tax Filing Assistance
Military Tax Support On Base
Fortunately for our armed forces, most military installations offer tax support venues to help service members and their families.
One such venue is the Volunteer Income Tax Assistance Program (VITI). The VITA offers income tax support through certified community volunteers that are trained by the Internal Revenue Service (IRS) to help Armed Force Personnel with their tax filing tasks.
These volunteers understand military-specific tax issues so they can put those who are confused on military taxation at ease. Best of all, this tax preparation advice come as a FREE service that won't cost you a dime.
Military Tax Support Online
For online support you can get complete details of tax support options by downloading IRS Publication 3, Armed Forces' Tax Guide, which covers many important military-related tax topics for armed service members and reservists alike.
The Publication 3, Armed Forces' Tax Guide covers the special tax situations and benefits for active members of the U.S. Armed Forces. Military members should also observe the basic tax rules that apply to all taxpayers since most of these tax laws apply to service members as well.
Additional support for military pensions or veterans' benefits is available through the Veterans Pension Program
Publication 3 may also be ordered over the phone by calling 1-800-TAX-FORM (1-800-829-3676).
Tax Laws That Could Effect Military Tax Software and Support Venues for 2015
Should you be worried about changes to your 2015 Income Tax Return and what financial effects they will have on your wallet?
Income Tax Brackets have changed somewhat with a rise in tax bracket rates for all Americans, and the addition of an additional tax bracket of 39.6% for incomes of $400,000 and above if filing single, $450,000 and above for joint filers. 4.6% above last years high.
These rate changes don't constitute a dramatic change in taxation but it does show that the government believes the economy and Americans can start to support digging out of it's overly senseless spending habit debt by paying Uncle Sam a little more of our income.
How Military Members Can Protect Their Finances
As we roll forward into 2015, don't ignore the frugal sense within. Since life is getting more expensive, and our debt ceiling it increasing, the overall economic future is unpredictable.
Therefore. keeping a good rein on your finances is important for insuring a safety net, and comfort with every day expenses. Take a look at your monthly expenses and expenditures to see if maybe a bigger chunk than should be is going toward some over lavish fun.
Tighten up your budget. As taxes do increase, you can be better prepared to accommodate these increases without big changes in your financial comfort if you simply avoid wasteful spending.
Stay alert. Keeping informed on military tax benefits will help you take advantage of special breaks that can add up to big annual savings.
2015 Military Tax Software
Don't go at it alone! Military tax software solutions exist that can help you uncover more of these tax breaks that you should be taking advantage of. Top choices like the TurboTax Military Tax Software Edition offer step by step support to guide you toward bigger savings.
H&R Block also offers Military OneSource tax filing guidance for armed service personnel to file their taxes online. Additional military tax filing options offer alternatives for getting your tax return prepared.
When it comes to tax laws and tax breaks, nobody knows it all. However, top tax software choices are programmed with all this information so that no stone is left unturned. This in turn insures military tax filers that any tax break available will be discovered.
Pentagon 2015 Military Budget Cuts:
The Pentagons 2015 budget plans cut spending over the next decade by
eliminating ground troops, trimming air squadrons and mothballing
ships in a bid to cut back costs all while creating a smaller, more
agile force with a new heightened strategic focus.
Congress ultimately controls the Pentagon's purse strings and painful cuts can be felt across the country as military spending alters contracts, businesses, and employees.
Winding down from 10 years of war in Afghanistan and Iraq is in addition to other changes. Congress regularly intervenes with changes to military spending whenever and wherever it sees fit. The Defense Department's budget accounts for approximately 20 percent of total federal spending, so changes here can be substancial.