Military Top Tax Tips

Top Military Tax Tips for Filing Your 2022 Taxes

Updated: March 2, 2023

Military members and their families can take advantage of several tax provisions, according to the 2022 version of Publication 3 from the Internal Revenue Service. Here are some top tips to consider before filing taxes. Tax Filing and Deadlines The deadline to file 2022 taxes is April 18, 2023 for most people due to the […]

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American Express Military Fee Waiver

Updated: February 14, 2023

There are many credit card options that feature perks for being a military member. You will find military fee waivers offered by a variety of high-profile credit cards including American Express, which means you may be eligible to access high-value credit cards (assuming the applicant is otherwise financially qualified) that can push your access to […]

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Navy Marine Corps Relief Society

Navy-Marine Corps Relief Society  

Updated: November 9, 2022

The Navy-Marine Corps Relief Society is a 501(c)(3) nonprofit organization that provides sailors and Marines, their families and surviving dependents with financial, educational and emergency assistance. The NMCRS has offices on or near most U.S. Navy and Marine Corps installations. History The newly formed United States couldn’t afford benefits packages for its services – let alone […]

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Stimulus Checks

Third Round of Stimulus Checks

Updated: January 3, 2023

An economic stimulus is a government policy designed to encourage economic activity. Such attempts can include alterations to federal fiscal policies, quantitative easing, which is defined by some as a form of investment the government makes in certain critical bond markets and/or other areas for a certain span of time to stabilize the economy. There […]

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Thrifts Savings Plan (TSP) Contribution Limits

2022-2023 TSP Contribution Limits

Updated: December 23, 2022

The Internal Revenue Service has announced 2022 Thrift Savings Plan (TSP) contributions limits. In 2023, Thrift Savings Plan participants can contribute up to $22,500 in elective deferrals, according to the Internal Revenue Service. Participants age 50 and older can make an additional $7,500 contribution, for a total of $30,000.  The IRS announced the TSP contribution […]

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FICA Max Tax

2022-2023 FICA Percentages, Max Taxable Wages and Max Tax

Updated: December 23, 2022

FICA (Federal Insurance Contributions Act) requires federal agencies to withhold Social Security and Medicare taxes from employees’ compensation. It also requires them to pay matching FICA taxes to the Social Security Administration. Under the law, the Department of Defense must withhold FICA taxes from all military service members, including those serving in: Wages subject to […]

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COLA - Cost of Living Adjustments

2023 Cost-of-Living Adjustments (COLA)

Updated: December 23, 2022

The 2023 cost of living adjustment (COLA) increase is 8.7%, according to the Social Security Administration. The increase in the cost-of-living adjustment is about a $140 monthly benefit increase for the average retiree – or about $1,680 per year. COLA increased by 5.9% in 2022.  Third quarter percentage increases of the previous year’s Consumer Price […]

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American Express Military Benefits

The Platinum Card® from American Express

Updated: November 3, 2022

When used strategically and paid in full each month, credit cards can be a great way to earn valuable rewards, avoid currency transaction fees, and add consumer protections to your purchases. With a list of perks that perhaps no other card can match, deserves a place in your wallet. You can enjoy a little VIP […]

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how to set up VA direct deposit

How to Set Up VA Direct Deposit for Benefits

Updated: November 29, 2022

The Department of Veterans Affairs (VA) pays disability, pension and education benefits associated with your military service. You can get these payments quickly and safely when you set up VA direct deposit to your bank account. Setting up and changing your VA direct deposit is simple as long as you know where to go. The […]

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VA Debt Management Program: Help for Veterans Who Owe The VA

VA Suspends Debt Collection Thru September 2021

Updated: November 2, 2022

The VA will continue the suspension of collection on all Veteran benefit overpayments and medical copayment debts through Sept. 30, 2021. “My top priority right now is to do everything in our power to help our Veterans, caregivers and their families get through this challenging COVID-19 pandemic,” said VA Secretary Denis McDonough. Veterans and beneficiaries […]

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