Tuesday, January 26, 2010

IRS Drops and Gives You Ten…Military Tax Tips


IRS Drops and Gives You Ten…Military Tax Tips

YES, it's that time of year again! It's Tax Season! With the exception of those serving in combat zones or stationed outside the U.S, most military service members and their families must file taxes by the deadline of April 15th 2010.

Here are 10 IRS tax tips military members can keep in mind to help with filing a tax return.

1. Moving Expenses If you are a member of the Armed Forces on active duty and you move because of a permanent change of station, you can deduct the reasonable unreimbursed expenses of moving you and members of your household.

2. Combat Pay If you serve in a combat zone as an enlisted person or as a warrant officer for any part of a month, all your military pay received for military service that month is not taxable. For officers, the monthly exclusion is capped at the highest enlisted pay, plus any hostile fire or imminent danger pay received.

3. Extension of Deadlines The time for taking care of certain tax matters can be postponed. The deadline for filing tax returns, paying taxes, filing claims for refund, and taking other actions with the IRS is automatically extended for qualifying members of the military.

4. Uniform Cost and Upkeep If military regulations prohibit you from wearing certain uniforms when off duty, you can deduct the cost and upkeep of those uniforms, but you must reduce your expenses by any allowance or reimbursement you receive.

5. Joint Returns Generally, joint returns must be signed by both spouses. However, when one spouse may not be available due to military duty, a power of attorney may be used to file a joint return.

6. Travel to Reserve Duty If you are a member of the US Armed Forces Reserves, you can deduct unreimbursed travel expenses for traveling more than 100 miles away from home to perform your reserve duties.

7. ROTC Students Subsistence allowances paid to ROTC students participating in advanced training are not taxable. However, active duty pay – such as pay received during summer advanced camp – is taxable.

8. Transitioning Back to Civilian Life You may be able to deduct some costs you incur while looking for a new job. Expenses may include travel, resume preparation fees, and outplacement agency fees. Moving expenses may be deductible if your move is closely related to the start of work at a new job location, and you meet certain tests.

9. Tax Help Most military installations offer free tax filing and preparation assistance during the filing season.

10. Tax Information IRS Publication 3, Armed Forces’ Tax Guide, summarizes many important military-related tax topics. Publication 3 is available for download at IRS.gov or may be ordered by calling 1-800-TAX-FORM (800-829-3676).

All information in this article is based on information supplied by the IRS in the Armed Forces Tax Guide.

Wednesday, January 20, 2010

Hope for Haiti Telethon Hosted By George Clooney


The Hope for Haiti telethon, to raise money for the victims of the Haiti earthquake is being organized by Hollywood star George Clooney. The telethon will air live on nearly all major television networks on Jan. 22 at 7 p.m. central time. Networks airing the concert include ABC, NBC, CBS, Fox, CNN, HBO and MTV.
George Clooney will be hosting the show from Los Angeles and Haitian-born singer Wyclef Jean will co-host the show from New York. CNN’s Anderson Cooper will broadcast live from Haiti during the event. Also Twilight star Robert Pattinson has signed on to present from London, UK. Other stars appearing will be Taylor Swift, Jay Z, Alicia Keys, Sandra Bullock and Shakira.
Jennifer Aniston and Brad Pitt may possibly be seen together again as both have signed on to present the Hope for Haiti concert.
It is still possible that concert organizers will be able to sign-up the rest of the Twilight trio –Kristen Stewart and Taylor Lautner – to hopefully attract younger viewers.

Tuesday, January 12, 2010

Here's some simple ways to help lower your heating bill through the winter months



Did you know that heating could be 50% of your winter bills? Simple ways to help lower your heating bill through winter months

Heating can account for almost 50% of the average family’s winter energy bill. Make sure that your furnace or heat pump receives professional maintenance yearly. Set your thermostat to a comfortable 68 degrees. When going away for extended periods make sure to turn off the heat. Open your shades and drapes to let the daytime sun in, but be sure to close them at night. Move furniture away from outside walls. Close all heating vents in rooms not in use such as attic, basement, spare bedrooms etc. You can also add draft-excluders to your doors and windows where possible and wear warm clothes indoors.

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