5. Managing taxes

Life’s Financial Journeys

Heading Off to College
Getting Out on Your Own
Blending Two Lives
Having a Child
Emptying the Nest
Entering Retirement
Death of a Life Partner
Military Life

Managing Taxes. “What tax benefits are available to military service members?”

Knowing the available tax credits and deductions can save thousands of dollars in tax liability each year. In addition, military service members receive many types of pay.

Some types of pay are excluded from tax, but may still be reflected on the tax return. (Living allowances, moving allowances, travel allowances, combat zone pay and death allowances.)

The following subtasks may assist you in managing taxes. You will find detailed resources for these subtasks under the links in the right column of this page.

Subtask 1: Identify tax deductions and credits

Subtask 2: Seek tax planning assistance

Military Life Tasks

1. Budgeting finances
2. Reducing debt
3. Finding housing
4. Protecting against risk
5. Managing taxes
6. Saving for education
7. Preparing for retirement
8. Updating your estate plan
9. Explore Your Benefits

Managing taxes Subtasks

1. Identify tax deductions and credits
2. Seek tax planning assistance

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