In addition to military basic pay, benefits, and allowances, members of the armed forces may also receive special pays and incentive pays depending on their career field or location. Special pays include hardship duty pay, foreign language pay, sea pay, special assignment pay, and flight pay. Unlike military allowances, special pay is taxable unless the member is earning the pay while in a designated combat zone.
Currently, the military compensation system has over 70 separate types of pay and allowances -- that's a lot to keep track of. Fortunately everything you need to know from Basic Pay, to special pay... more.
When you retire, you may be able to elect any of several Survivor Benefit Plan options, which are listed below. SBP elections cannot be canceled or changed after retirement except in specific insta... more.
Here's a look at the laws that could wage a multipronged attack on your wallet and what you can do to prepare. Over the last few years, Americans have observed a series of tense Capitol Hill confr... more.
Here's a look at the laws that could wage a multipronged attack on your wallet and what you can do to prepare. Over the last few years, Americans have observed a series of tense Capitol Hill confr... more.
Military families must contend with moving and child care issues -- and both of these issues can be very expensive. However, Permanent Change of Station (PCS) and the Child Tax Credits can help ea... more.
At the last possible moment, Congress finally approved a deal to avoid the so-called fiscal cliff that was threatening to enact automatic cuts to government programs and tax increases on American... more.
Summer is officially over, further signifying that it's that time of year again; back to school time! Many members of the Armed Forces have already started to crack the books in pursuit of advanced... more.
At the last possible moment, Congress finally approved a deal to avoid the so-called fiscal cliff that was threatening to enact automatic cuts to government programs and tax increases on American... more.
Here's a look at the laws that could wage a multipronged attack on your wallet and what you can do to prepare. Over the last few years, Americans have observed a series of tense Capitol Hill confr... more.
This content is provided courtesy of USAA. Before tackling your tax return, brush up on this baker's dozen of deductions that could cut your tax bill. 1. Traditional IRA contributions. You ha... more.
The tax laws provide some special benefits for active members of the U.S. Armed Forces, including those serving in combat zones. For federal tax purposes, the U.S. Armed Forces includes officers a... more.
With the start to the new year behind us, it is time to once again plan ahead for tax season. With the exception of those serving in combat zones or stationed outside the U.S, most military personn... more.
Let's face it -- the American tax system isn't known for its simplicity. And the confusion factor just climbs higher when you lived or worked in more than one state during the year. To help out, ... more.
Editor's Note: This article has been updated to reflect current programs and tax laws. Military service men and women, who recently enrolled in continuing education programs or signed up for skill... more.