Many retired military officers work while on terminal leave. They often assume that since they are still residents of states that don't tax income, they don't have to pay state income tax to the state where they work. That is a mistake.
Many retiring military officers have rental real estate. Understanding how depreciation works and how it will affect the taxes on the sale of your rental is critical.
In most cases a retired military officer will have to take distributions from his or her retirement accounts when turning 70 1/2. There is a way to avoid this though, if you are still employed when your Required Beginning Date (RBD) occurs.
Dealing with State income taxes has always been a challenge for military spouses. A new law just made things a bit easier.
Active and retired military officers are a lot like the rest of Americans. We might just make a few New Year's resolutions. Here are some financial resolutions you might want to consider. They can help move you along your path to financial independence.
In order to effectively plan for their financial future, military officers need to plan for taxes. In order to plan for taxes, you need to know what changes from year to year. Here are some major tax changes for 2019.
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