New Resource Packet: January 2020 Tax Time Savings

Tax season is upon us. While most people dread gathering their documents and filling out tax forms, there’s no denying that tax time is a great time to kickstart a savings account or pay down debt.

In this resource packet, we share tax tips, resources for FREE tax filing, and tax scams to avoid.

Social Media Posts:

Post 1:

There are lots of scams and myths during #tax season. Here are 5 Things the IRS Will Never Do via @MilitarySaves:

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Download "Things The IRS Will Never Do" doc

Post #2

Expecting a #taxrefund? Make sure you have a plan for it! We love this tip from @MilitarySaves: SPLIT YOUR REFUND.

  • 30% for past expenses
  • 40% for present-day needs or wants
  • 30% into #savings for the future
  • #MilitarySaves

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Post #3

#Military: Check out these Tips to Save Money AND Heartache This Tax Season from @MilitarySaves because we know how frustrating #tax time can be!

Military Saves Resources:

Tips to Save Money AND Heartache This Tax Season: 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. Here are some important tips to keep in mind for this tax season.

Tips To Prepare You For Your Tax Preparation Appointment: 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.

Things The IRS Will Never Do: 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.

Split It! Have a Plan for Your Refund: 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.

Free Ways To File Your Taxes: 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.


Other Resources:

Military OneSource MilTax

Armed Forces Tax Guide, IRS Publication 3

VITA site locator tool

AARP Tax-Aide Site Locator

CFPB - Fraud and Tax Scams



Sign up for Military Saves Month, now in April 2020

From the Archives:

New Tax Legislations Puts More Money Into the Pockets of Many Military Families

5 Tax Tips for Service Members and their Families

Tax Time Savings Bonds

3 Reasons Not to Consider a Big Tax Refund as Extra Money

Tip of the Day

  • Written by Guest Blogger | March 17, 2014

    Check out the #savings checklist tool containing 15 “savings accomplishments” to assess your savings effectiveness:

Saver Stories View all »

Making Saving Automatic Leads to Personal Success

Written by Lila Quintiliani | May 27, 2020

Ryan’s savings journey started when he was an active duty airman. Frequent deployments and temporary duty assignments gave him the opportunity to save. By the time he transitioned out of active duty, he had built up a healthy rainy-day fund and had started to aggressively save for retirement.


When You Start Small, Saving is Easy

When Attiyya first got married, she and her Marine husband had just graduated from college and were focused on paying off student loan debt. They had both attended private schools and had sizeable loans. Then three months after the wedding, the couple found out they were pregnant with their first child.

The first year of their marriage, says Attiyya, was a balancing act between paying down debt and saving for the future.


Living the Dream: This Military Couple Retired Early

Written by Jackie Toops | March 18, 2021

“Continuous dedication to financial peace pays off,” shares military couple, Denise and Jim. They would know, because at ages 52 and 53, they are already retired. The couple enjoyed life as an Army family for 32 and a half years and started planning for retirement decades ago. Denise shares, “We are not working a paid job, but are volunteering and meeting some personal fitness goals and enjoying some time together after many years spent geographically apart. It can be done!”