Military Saves Blog

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Tips, advice, and the latest news from the savings world.

Three FREE (We Promise!) Ways to File Your Taxes

Written by Lila Quintiliani · 30 January 2020

Did you know there are ways to file your taxes for FREE? No strings attached. Free tax preparation is an easy way to save lots of cash during tax season. The average cost of commercial tax return preparation is around $220, but some taxpayers pay well above that for a simple tax return.

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Tips to Prepare You for Your Tax Preparation Appointment

Written by Lila Quintiliani · 30 January 2020

Sometimes preparing for your tax appointment can be the most daunting part of filing a tax return. We’re here to help. Use this checklist for a seamless tax preparation appointment.

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Five Things the IRS Will NEVER Do

Written by Lila Quintiliani · 30 January 2020

Each tax season, Americans are bombarded with numerous IRS scams and fraudulent schemes. There are lots of myths and urban legends floating around social media and the internet. Taxpayers should take caution and know that:

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Split It! Have a Plan for Your Refund

Written by Lila Quintiliani · 30 January 2020

Have a plan in mind when you file your taxes. If you’re due a refund, go ahead and split it up into multiple accounts (think checking, saving, and retirement or college saving account) using the 30-40-30 plan:

  • 30% of your refund to pay off outstanding debts or catch up on bills
  • 40% of your refund to pay for current expenses, needs, or wants
  • 30% of your refund to establish or build up savings. This could be an emergency fund (start with $500) or longer-term like retirement or a large purchase like a home.

Use IRS Form 8888 to split your refund in up to THREE accounts. Form 8888 can be accessed with your tax preparer during your tax preparation appointment. It’s easy to use, so don’t forget to ask if your preparer doesn’t suggest it.

PRO TIP: Add the account and routing numbers or blank checks of the accounts you are using for the 30-40-30 plan to your tax documents folder so you’re ready to fill in Form 8888 before your complete your tax return.

It’s our favorite way to save, automatically and through direct deposit.

Want more savings tips? Take the Military Saves Pledge today and then visit www.militarysaves.org for information and inspiration.

 

Tips to Save Money AND Heartache This Tax Season

Tax Time Saving Income Tax Tips
Written by Lila Quintiliani · 24 January 2020

Filing income tax forms can be a complicated and somewhat painful process. Gathering documents is a chore. Tax forms can seem confusing to the uninitiated. And military families face additional obstacles at tax time: they may not know about certain military-specific tax provisions that can benefit them, and they are also prey to certain tax schemes that target the military community.

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Tip of the Day

  • Written by Guest Blogger | April 25, 2014

    Develop a long-term plan for financial readiness by creating financial goals and striving for milestones. Positive outcomes usually start with a goal and a vision. http://ow.ly/sCvQQ

Saver Stories View all »

How Smart Financial Decisions Can Create Opportunities 

Written by | November 22, 2019

Written by Stephen Ross, America Saves Program Coordinator | November 22, 2019

Of the many stories Military Saves shares, most describe how someone was in dire straits financially and worked their way out of it with the help of Military Saves. This time we want to highlight a different kind of story. This is a story about how responsible financial decisions can build on one another to create opportunities you thought only the super-rich enjoy.

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Involving Kids in Family Finances

Written by | April 19, 2019

 

One of the best lessons we can share with our kids is about money. By middle school, kids should have a good understanding of how money works as well as the importance of saving.

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Setting a Goal Leads to Success

Written by Super User | May 24, 2019

Growing up, Marisa’s dad had always talked about saving first, but she said she didn’t really internalize it until much later. “I was drifting along with no plan, carrying a little bit of revolving debt, saving some money here and there, but without a real plan for it.”

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