January 2021: Tax Time Savings Resource Packet

Is it really that time of year again? Filling out IRS forms is not necessarily enjoyable, but many military families eagerly anticipate tax season because they see it as a time when they get a windfall bonus in the form of a tax refund. It’s also a time when many Americans fall prey to tax-related scams. 

At Military Saves, we believe that it’s essential to go into tax season understanding possible credits and deductions, but also with a plan for a potential refund. A tax refund is a great way to kickstart an emergency fund or to pay off debt. 

We’ve gathered resources, tips, and social media posts to help make tax filing easier and less stressful.


Social Media Posts

Social media handles/pages


Post 1

Know how to spot a scam during #tax season. The team at @MilitarySaves has hot tips for you about the IRS.

5 Things the IRS Will Never Do Download Social Image


Post 2

Many military families receive a large #tax return each year. Which areas of your life will you fund? @MilitarySaves highlights five ideas for you.

5 Ideas for Your Tax Refund Download Social Image


Post 3

Free tax preparation is an easy way to save lots of cash this #tax season. Here are resources from the team at @MilitarySaves, and be sure to check out their blog post for more details: https://militarysaves.org/blog/1727-three-free-we-promise-ways-to-file-your-taxes

5 Free Tax Filing Resources for Military Download Social Image


Post 4

You’re expecting money, now what? Here’s a simple breakdown plan in percentages for your #tax return from @MilitarySaves.

The 30-40-30 Plan Download Social Image


Social Media Conversation Starters*

Direct Engagement Posts, Questions, and Topics our partners can ask their audience to drive conversations around our monthly theme.

Partners will be encouraged to tag us in the comments and ask for our thoughts to contribute to the conversation.

  1. What was the best thing you’ve done with your tax refund?
  2. If you had one tip for a new service member/military family about how to use their tax refund, what would it be?
  3. Have you ever had your taxes prepared for free? What tool would you recommend?
  4. What’s something new you can do with your tax refund this year?

Resources


New Blog Posts


Videos

  • TBD, stay tuned!

Events

  • TBD, stay tuned!

From the Archives

Past blog posts/resources from MS/AS

Tip of the Day

  • Start an emergency fund by saving $10/week or $40/month to save $500 by the end of the year http://ow.ly/rswS2

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Involving Kids in Family Finances

 

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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Building a Six-Figure Savings While Enjoying Life

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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.

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