The Military Money Manual Podcast #27 Military Taxes - How to Stop Paying State Income Tax, Get a Smaller Refund, and Stop Fearing Taxes
Feb 7, 2022
01:11:19
In this episode Spencer and Jamie breakdown
- How to stop paying state income tax
- Why you should do your own taxes
- How to stop being afraid of taxes
We also cover military spouse taxes including the Military Spouse Residency Relief Act (MSRRA), which allows military spouses much more flexibility in which state they are taxed in.
This is extremely helpful if you need to PCS in the middle of a year. You can avoid paying and filing taxes in multiple states!
We also cover why you DON'T want a large refund when you file your tax return.
Other topics include:
- When it makes sense to hire a CPA
- What to do if you receive a Combat Zone Tax letter CP04 from the IRS
- How to avoid tax audits
- If you need to pay taxes on points and miles
- Should you keep mortgage or student loan debt around for the tax deduction (spoiler alert: no)
- Taxes on military career bonuses
- Taxes on side hustles or 2nd jobs
- Real world examples of taxes paid by military servicemembers
Resources mentioned in the podcast:
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