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! http://bit.ly/2TXM1hK


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

 


Events:

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 2, 2014

    33% of Americans spend more than they earn. The first step to eliminating #debt is to stop borrowing & make a budget.

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