A lot of active and retired senior military officers and NCOs own real estate. Most have a mortgage. It may have been a good idea to refinance the mortgage over the past few years. But, how does that affect the amount of interest you can deduct?
At some point during or after your military career you may need to get money out of a retirement account early and potentially be subject to penalty. But there are some options if you need the funds for something that isn't specifically excluded from penalty.
In general, military members are pretty generous. But, if you want to get credit from the IRS for generosity, you need to correctly document your charitable contributions. Sound familiar?
When deployed to a combat zone military members have different rules when it comes to contributing to TSP. You can contribute tax-free money to Roth TSP and you can contribute more than the "normal" annual limit. But how exactly do you do that?
Military officers need to understand how the investments are taxed. This is especially true for those under the Blended Retirement System (BRS) as investments will be a larger portion of your retirement. Arranging your investments so that you minimize the taxes on investment earnings is an important part of your financial plan.
If you're a retired senior military officer or NCO and own an S Corporation, you can't deduct your un-reimbursed employee expenses. But by using the tax code to your advantage, you can accomplish the same result.
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