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

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Events

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From the Archives

Past blog posts/resources from MS/AS

Tip of the Day

  • Transferring #money from #checking to #savings is the fastest way to #save $500 - $1,000 >> MilitarySaves.org/500

Saver Stories View all »

Setting a Goal Leads to Success

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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From Shopaholic to Saver

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.”

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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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