Tax Deductions for Military Families

Tax Deductions for Military Families

Tax deductions are probably on your mind. You want as many as you can get but which ones can you take. And what deductions should military families know about? In this episode, I talk with military spouse, Sarah Bumgardner, the Member Benefits Coordinator with AAFMAA. We talk about tax deductions and ways military families can be prepared with their taxes. Sarah previously served AAFMAA as a Senior Veterans Affairs Coordinator, SpouseLink ambassador, and as a Relationship Manager for AAFMAA Wealth Management and Trust.

THANK YOU!

Support for the Military Money Show is provided by Navy Federal Credit Union. In case you didn’t know it, Navy Fed isn’t just for the Navy. Nope. They serve all branches of the military to include family members and veterans. They’re military finance experts that can help you with not only banking but also auto loans and refinancing. Learn more at navyfederal.org.

Tax Deductions for Military Families Episode Details

  • What is a deduction
  • Military specific deductions
  • Importance of understanding your pay and benefits
  • Common mistakes with deductions
  • Places to get help
  • Make tax time a financial check up
  • Taking advantage of TSP tax advantages
  • Prepping throughout the year
  • Details on PCS deduction
Related:  How to Make Your Military Taxes Ready

Tax Deductions for Military Families Resources

More Podcast: How to be Better Prepared for Tax Season

MilMoneyCon

If you’re interested in connecting, learning, discovering, and increasing earning power, join fellow military and financial professionals for #MilMoneyCon22. Get your pass to MilMoneyCon22

Got Money Questions?

Get them answered on the show. Submit your questions here.

Thank You for Podcast Reviews!

I appreciate your review of The Military Money Show on iTunes, Google Podcast, iHeart Radio, and Stitcher. It helps me make the podcast better and better. Plus, it helps other people find me.

Connect

Disclosure These notes may contain links to our affiliate products or services, which means I might get compensation when you click or buy. That said, I’m only going to put affiliate links that are in line with our podcast discussion. If you want to “kickstart” your finances in the military, you can get access to my free Financial Kickstart Kit here.
Show More

Related Podcast

I'm excited to give you the skinny on MilMoneyCon24. I'll cover the hotel, special events, and what you can expect to get out of the conference.
The Skinny on MilMoneyCon24

MilMoneyCon is my true passion project - a calling to bring financial professionals together to solve problems, support each other, and uplift our community. I feel that when we unite, we create a stronger financial force, leading to a more resilient military and veteran force. In this episode, I'm excited.
Networking - why you need it, how to do it effectively, and my own personal strategies for making those invaluable connections.
Networking: Why You Need It and How to Master It

Networking can feel like trying to find a needle in a haystack. Whether it's finding a trusted babysitter or landing your dream job, connecting with the right people can be a game-changer. As I gear up for MilMoneyCon, I've been reflecting on the power of networking and what it means.
What's your current money mood? Learn about common financial emotions like fear, regret, joy and how to assess your money mood.
What’s Your Money Mood?

In this episode, I’m going to talk about financial moods, figuring out where you’re at, what you’re looking for, and aligning your mood with what you’re seeking. Understand Your Money Mood This podcast episode dives into money moods - the different emotional states people find themselves in related to their.