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 | May 28, 2014

    A #credit score may be used to decide the terms you are offered or the rate you will pay for a #loan. Learn more at

Saver Stories View all »

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.


Building a Six-Figure Savings While Enjoying Life

Written by Jackie Toops | November 13, 2020

Does the idea of saving up hundreds of thousands of dollars seem impossible? How about doing it while still living an enjoyable lifestyle?

For military spouse Martina and her husband, an E-5 in the Navy, accumulating a six-figure savings has become a reality. One might think that in order to save this much, it would take a great deal of sacrificing and forgoing a certain quality of life, but Martina and her husband would disagree. “Over the past few years (about five), we've managed to save almost $120,000 while mostly living on one income. We've learned so much about easy ways to save money and live a good life,” shares Martina.


From Shopaholic to Saver

Written by Jackie Toops | January 13, 2021

Many of us spend too much money on things we don’t need, but we don’t always know why. It’s easy to get a quick fix from retail therapy, but before we know it, our hard-earned money is gone. Oftentimes, when we engage in a “shopaholic” lifestyle or sporadic shopping sprees, we still experience feelings of emptiness, but to make it worse, we now have debt, too.

Khanmany was a shopaholic who turned everything around. She is active duty Navy and shares, “I was spending too much on things I didn't need. I was going shopping for no reason and was trying to fill a void. I was running up every credit card I owned to include Victoria's Secret, Military Star, Navy Federal, TJ Maxx, JCPenney, Macy's, USAA, and was only paying the minimum payments.”