Check out this month's top recommended cards WITH NO ANNUAL FEES for US military.
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Tax time is here! W2s should be released on myPay by 24 January. If you've properly configured your tax withholding, your tax return should be quite small. However, we know how crazy the military tax situation can be, with many of our benefits not taxable (BAH, BAS), the constant moving, and some of our pay eligible for Combat Zone Tax Exclusion (CZTE).
US military personnel enjoy one of the lowest tax rates possible, given their income. If you did have taxes withheld this year, chances are you'll be getting a return.
The IRS has a lot of information about special military tax situations on their website. Check it out if you're not familiar with some of the credits, exemptions, and tax benefits available to military servicemembers.
Free Online 2013 Tax Return Services for US Military Personnel
It's always nice to get a refund check from Uncle Sam: it's even better when you don't have to pay for it! There are several free tax filing options for military members. Here's a few:
Tax Slayer offers free military tax filing for the 2013 tax year. All state (up to 50) and federal returns are free. Free live phone support is also provided.
Military OneSource offers free tax filing through H&R Block for 1 federal return and up to 3 state returns, which is good especially if you change your tax residency in a year, which some military members have to do.
Intuit Tax Freedom offers free federal tax filing services to those who qualify.
Anybody, civilian or military, is eligible for the IRS federal free file service if their Adjusted Gross Income (AGI) is $57,000 or less. Most military personnel will be eligible for this benefit, given their low rate of taxable income.
Free In Person Tax Filing Services for Military
Most posts and bases offer VITA, or Volunteer Income Tax Assistance programs. These are free, IRS certified individuals who can help you prepare your tax return and file it for you electronically. Check your base finance office for more details or the IRS Free Tax Prep website.
There are so many free options for military members to file their taxes. If you feel more comfortable paying an accountant to file your taxes, then by all means, do that.
If you are a self-filer, don't bother paying for expensive software or online programs when the same software is available for free to military personnel through the programs listed above. Good luck finding those deductions and credits, and happy filing!
AMEX Platinum With NO Annual Fees for US Military
Military servicemembers and spouses can get the American Express Platinum (learn more here) with NO annual fees.
The AMEX Platinum offers:
- $550 Annual Fee WAIVED for US Military (and spouses)!
- 60,000 Membership Rewards Points welcome offer
- $200 credit for Uber rides (or Uber Eats!) annually
- $200 airline fee credit
- Centurion Lounge and Priority Pass Airport Lounge Access
- NO foreign transaction fees
These benefits make it my top recommend card.