It's pretty typical for Active-Duty Military members to own accounts jointly with spouses. Makes sense. You're gone a lot and your spouse needs to be able to do things without you. Maintaining that arrangement could cost a surviving spouse in the future.
You get a refund and get penalized for under-withholding. Is that possible? Yes it is and I've seen it affect more than one retired Senior Military Officer or NCO.
The SECURE Act significantly changed how IRAs inherited by someone other than your spouse are treated. The end result is the tax burden could be considerably higher than under the old law. While not perfect, you can get close to similar results as under the old law by naming a CRUT as the beneficiary of your IRA.
A lot of retired Senior Military Officers and NCOs decide to start a business when they retire. Wouldn't it be great if all your business growth could go on inside an IRA? Maybe it can.
After retiring from the military, Senior Military Officers or NCOs may find themselves with assets deposited in foreign accounts. This could occur if you move overseas or if you work for a foreign company. That means FATCA could apply. What's FATCA, and who does it impact? Here's what you need to know.
If you get a VA loan, under many instances you will pay a funding fee. Under some circumstances that funding fee is tax deductible. What happens if you get the funding fee back?
Active and Retired Senior Military Officers and NCOs are often charitably inclined. A donor-advised fund can help you maximize your charitable deductions for the year. But did you know it also comes with additional tax benefits? Read on to learn more.
The American Rescue Plan includes a lot of different provisions. Two that could be important to you. They include stimulus payments and major changes to the Child Tax Credit. Your 2021 tax picture could look a lot different than prior years.
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