Social Security Payroll Tax Deferral Begins

On August 8, 2020, a Presidential Memorandum was issued to provide relief during the COVID-19 pandemic by temporarily deferring the withholding of Social Security taxes from September 1, 2020 through December 31, 2020. The Old Age, Survivors, and Disability Insurance (OASDI) tax (Social Security taxes) rate is 6.2%. So, service members and Department of Defense (DoD) civilians will see a temporary increase in their paychecks of that amount. At this time, based on Internal Revenue Service (IRS) guidance all deferrals will be repaid between January 1, 2021 through April 30, 2021 in addition to the amount normally withheld from their monthly pay.

As an example, if the monthly basic pay is $3,306.30 the service member would see an increase of $204.99 in their monthly net take home pay through December 31, 2020. In January, their monthly net take home pay would decrease $204.99, the deferred tax amount through April 2021 until the full amount is recouped.

A military service member or civilian employee should think about whether they should spend this money or put it aside in savings for when it will be recouped next year. Things you should consider is your household income down due to COVID-19? Will it increase in January due to a military pay raise and is that increase enough to offset the money that will be recouped? Each situation is different so you must decide what makes the most sense for your household.

Application of the tax deferral process will be different for Active Duty, National Guard and Reserves as well as DoD Civilians. Service members and families can contact Financial Readiness staff at their installation Military and Family Support Center, or Military OneSource at 1-800-342-9647, if they need assistance in reviewing their Leave and Earnings Statements (LES) or have questions in planning for changes to their net take home pay.

Service members may view the Defense Finance and Accounting Service page for more information, Https://www.dfas.mil/taxes/Social-Security-Deferral/ and a list of Frequently Asked Questions, here. As more information is determined, updates will be posted on the site.

For more information, civilian employees may view the Defense Finance and Accounting Service page, https://www.dfas.mil/taxes/Social-Security-Deferral/ and a list of Frequently Asked Questions, here. As more information is determined, updates will be posted on the site.  For civilian employees with concerns regarding withholding of the deferred OASDI tax, please consult with an Employee Assistance Program financial counselor.

President Trump has stated that if he is reelected, he will forgive the amounts owed but he only has the authority to defer collection of the tax in a national emergency. Congress has the authority to forgive the deferred amounts. The president has directed the Secretary of the Treasury Steven Mnuchin to work with Congress to pass legislation that would forgive the deferred amounts and pay back the Social Security Trust Fund.

Marguerite Cleveland is a freelance writer who specializes in human interest and travel stories. She is a military brat, a veteran and now a military spouse.  Her military experience is vast as the daughter of a Navy man who served as an enlisted sailor and then Naval Officer. She served as an enlisted soldier in the reserves and on active duty, then as an Army Officer. She currently serves as a military spouse. She lives in the Pacific Northwest with her husband and two sons. Visit her website www.PeggyWhereShouldIGo.com

Should I go back to school?  Homeschool my children? Live off base at our next PCS?   

The Answer:  What’s the real value of all the things you do for your family each year?

Both Investopedia and Mint.com independently calculate the value of basic “Family CEO” services—child care, housekeeping, food shopping, laundry services, playing chauffeur and fulfilling the role of family chef—at around $96,000 per annum.  By the way, that figure doesn’t include pet care, day care, tutoring, and any income you’re contributing to family finances. More than one-third of 524,000 military spouses living in the U.S. who are not in the military themselves, also work outside the home, according to a White House Report from the Council of Economic Advisors. 

It begs the question; how would your service member be able to replace or handle all these responsibilities if something happens to you?

FSGLI—Does It Go Far Enough?

Most military families expect to rely on their FSGLI—Family Servicemembers’ Group Life Insurance. Spouses can easily get affordable and cost-effective coverage up to $100,000, provided their insurance doesn’t exceed the servicemember’s coverage.  It’s a great program to cover the immediate need. 

Did you know, though, FSGLI ends shortly after a servicemember leaves active duty, separates, gets divorced, or discharged? After that, finding life insurance coverage for a spouse, without the protective umbrella of military service, becomes a more expensive proposition.  

Military families can prepare for both the unexpected, and the expected—by that I mean the day when your service member leaves military service. Once you have carefully measured the financial value of your total contribution to your family, you will want that amount of coverage to take with you into the civilian world.

Will You Do What Smart Spouses Do?

I’ll admit it.  Life insurance is not only unexciting, it also feels confusing and a bit overwhelming. But it doesn’t have to be. Answer three questions for yourself, and you will know what to do:

Who should benefit from your insurance policy?

Most military families buy spousal insurance to be sure their children are well-cared for. With FSGLI, the surviving servicemember, who assumes sole responsibility for raising the children, is always the beneficiary. The insurance benefit helps provide the means to purchase helping hands when they’re needed.  

Unlike FSGLI, other military-focused insurance providers don’t limit the payout amount to $100,000 or restrict who you can name as your beneficiary.  Buying a small supplemental policy that covers the first two or three years until the family can get re-adjusted, won’t break the bank.

You might be surprised to learn that for as little as $2.50 per month, Military Benefit Association sells $50,000 of term coverage. For less than the price of one specialty cup of coffee each month, you can be sure your child would inherit the means to travel, take piano lessons or pay some school tuition when the time comes.  What’s more you will never have to worry about losing coverage or your insurance getting cancelled when your spouse is no longer in service.

What kind of insurance should I get?

Whole Life, Universal Life, Variable Life Insurance…put all those terms aside unless you are looking for insurance as part of a long-term, strategic investment.  

Term insurance is the right solution to a relatively short-term need. It gives the most coverage at the least cost for a fixed period of time and is easy to start. Often you can complete the entire transaction online.  Most people, not just military families, want coverage while their children are still dependent on them.  Professionals note that once kids are no longer dependent on their parents, there is little need to pay for life insurance, unless there are already large, on-going financial obligations.[1]  

How much term insurance do I need?

Tally up all the expenses your loved ones will face—some Family CEO services, child care that must be paid for, plus any outstanding personal debts you still may have such as school tuition loans. Now add $10,000 for final expenses. If your family also depends on your income to balance the monthly budget you probably will want to add in an amount covering the rest of the year.

From that total subtract your own personal savings/investments and any FSGLI life insurance benefits. The net amount is a good estimate of what you need in term life coverage. The cost of term life insurance is relatively inexpensive and a decision a family can comfortably make; but if you have any doubts, you always have the option to seek assistance from a financial advisor.

That’s all there is to it.  Why not do what most smart spouses do?  Recognize your family may need insurance, determine how much, make the decision to get covered, then go online and sign up today. 

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^[1]  https://www.thesimpledollar.com/insurance/life/when-should-you-stop-paying-for-life-insurance/

https://www.nerdwallet.com/blog/insurance/how-long-term-life-insurance-policy-should-last/

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Food insecurity has long been a topic of discussion in military communities, with many citing low income levels as pressing issues for families.

Now the House has proposed a bill to help provide additional aid to low income military families.

Bill in US House Calls for More Aid to Low Income Military Families

The proposal was created by the House Armed Services Committee’s subcommittee focusing on personnel. Proposed supports are aimed at assisting junior enlisted families who make less than 130% of the federal threshold, which amounts to $26,200 per year for a family of four.

Right now, an E1 with more than 4 months of service makes $20,796 annually before taxes. This number reflects basic pay and does not include BAH, special duty pay, hazard pay or combat pay.

A 3% pay raise for all troops is included in the amendment. This is backed by the White House and would increase junior enlisted paychecks by about $780 per year. This would increase E1 pay to $21,576 per year; this falls $4,624 below the poverty threshold for a family of four.

The personnel subcommittee has also proposed additional supports for military families meeting the federal poverty threshold. Military families meeting these guidelines generally qualify for SNAP and other support programs.

Under the proposed policy, low income military families would also receive additional monetary supports, amounting to approximately $400 per month. These funds would be earmarked for basic needs like food, clothing and toiletries.

Easier Access to 24/7 Child Care Included in Proposal

Among the other supports included in the personnel subcommittee’s recommendations are policies that aim to make child care easier to access for military families.

For families at installations were 24/7 shifts are required, the bill would require that the DOD make care available at all times. In addition, an on-base housing priority for military spouses who pledge to provide home-based daycare is proposed.

EFMP Practices Standardized in New Bill

Many families have long had issues with the Exceptional Family Member Program (EFMP), a DOD-created organization designed to make moving with dependents requiring additional medical care or education supports easier. As of 2020, this program is not standardized across the DOD. Instead each service operates their own EFMP organization independent of the others.

The new policy proposal would require the EFMP services be standardized across the DOD to ensure equitable access and support for all families, regardless of branch of service or location.

White House Opposes Low Income Support Suggestions

President Donald Trump opposed similar measures in last year’s defense spending authorization bill. The final policy did not include social supports for low income military families.

The White House believes that junior enlisted pay is equal to or greater than compensation received by civilians with similar job experience, education and within the same age range.

While Trump has signaled that he would veto this year’s spending bill over other issues, including renaming bases to remove Confederate connections and banning racist symbols on base, he has yet to make a formal statement regarding these additional proposals. Given past statements opposing similar measures, support from the White House on the 2021 spending bill is uncertain.

Has your family applied for SNAP or other benefits? Sound off in the comments!

***EDIT*** We’d like to address a special thank you to Athena Gonzalez, a military spouse in the UK, for the information and resources she was able to provide in order to support this article and the military spouse community.  Athena had created a similar list back in April and shares it weekly on local and non-local spouse pages. She encourages spouses to email her their business links with a 2 line paragraph description. These businesses are owned and operated by members of our BIPOC community and allies. I have also extended the invitation to members and allies of the LGBTQIA and Disability communities. Here is a link to Athena’s list.

Right now is a crucial time to support small businesses in America, with an extra focus on showing up for Black owned businesses. In our military community, many veterans and military spouses have started amazing businesses through grit and creative thinking.

27 Black Military Entrepreneurs You Need to Know Now

We’ve sourced incredible military-connected businesses that you’re 100% going to love – and that you need to know about right now.

Clothing & Accessories

She Swank

Owner Lakesha Cole, 2014 AFI MSOY and USMC veteran spouse, started She Swank as an online and brick-and-mortar boutique for those in search of a social shopping experience.

Hooked on Micah

Find all the sweetest handmade baby clothes from Hooked on Micah! Founded by Micah, an active duty Air Force service member stationed OCONUS, you’ll find gorgeous baby layettes and clothing. Micah also offers the option to custom order pieces that are just for your little one.

The Unique Bee Boutique

Outfit yourself in stylish level clothes for your busy, modern life with The Unique Bee, an inclusive clothing boutique.

Princess Leah Designs

Add some extra beauty to your look with unique, handcrafted accessories from Princess Leah Designs, located in Richlands, NC. We especially love her creative earrings and stamped text charms!

Honey Bee Hive Shop

For gorgeously unique earrings, shop at Honey Bee Hive! From colorful fabric studs to feathered tassels, this military spouse owned business is ready to add beautiful character to your outfits!

Simplistic Design

UK-based military spouses Crystal Nicole Smith and Jami Floyd are serving their community with custom vinyl designs, available for purchase through the business’s Facebook page and can be shipped to anywhere in the US.

Hush by Tai

Tai Trammel curates a gorgeous online boutique, Hush by Tai, that allows for colorful, chic personal expression. Tai, who is based in the UK, also offers options to support fellow business owners with branding packages at reasonable prices.

Kallie & Co.

Military spouse-owned Kallie & Co. specializes in fair trade-sourced unique footwear. They recently launched a completely vegan line of designer shoes!

The Bautista Project

Marla Bautista, a military spouse, turned her experiences with homelessness as a teen into a business that donates 10% of profits to charity. Shop The Bautista Project for unique home goods, apparel and vinyl items.

Food & Fitness

She Makes Delicious

Save time on meal prepping with this done-for-you service! Chef Nina Bryant, a military veteran, makes delicious meals with locally sourced, whole food ingredients. She Makes Delicious offers incredible meal prep options, all shipped directly to you!

Tatiana Mone

Tatiana is a military spouse offering realistic personal training programs that fit your lifestyle. She’s currently serving as the in-house fitness and nutrition expert for InDependent’s Wellness Lounge and Wellness Summit through 2020.

Mahogany Drinks

Add some yum to your mug with ethically sourced luxury teas, hot chocolates and coffees! Mahogany Drinks also offers beautiful mugs and accessories to make your first sip extra soothing.

Health, Beauty & Self-Care

Ergantos

Military spouse Gem Henry provides gorgeous Black-focused beauty, body and hair products with shipping available.

The Kulture Kabinet

Providing bath, beauty and aromatherapy products, the milspouse owned Kulture Kabinet helps families live better through luxury products. There’s even a line just for kids.

True Urembo

This veteran owned skin care line based on botanical ingredients. True Urembo hand crafts their products and are located in North Carolina.

Phor Mars

Owner Eryka Wakanda is on a mission to empower women to embrace their natural beauty through incredible self-care moments. She’s committed to creating all Phor Mars beauty products without harsh chemicals!

Candle Chronicles

Self-love comes in all forms and Candle Chronicles believes in power of fragrance to improve your mood and mindset!

Business & Financial Services

The Social Crown

Kia Young, an MD-based military spouse, guide small businesses to the ideal social media strategies as the CEO of The Social Crown.

MakeHER

Kia Young, Lakesha Cole and Krystel Spell teamed up to create MakeHER, a unique business-owner conference aimed at female military spouses.

Write to Influence Online

Develda Edington supports business owners with custom copy for their websites and print materials as the owner of Write to Influence Online.

Katrina Carrington, CPA

Military spouse Katrina Carrington, along with her team of financial professionals, provides expert accounting and financial advice to families and businesses

Military Influencer Conference

Veteran Curtez Riggs created a conference where military connected influencers and entrepreneurs could network and build their skills. Since 2016, MIC has hosted exciting conferences for business owners in the military community.

Leadership LINKS

A faith-based leadership institute, Leadership LINKS helps individuals channel their talents and passions for the greater community good.

Ingram Financial Management

Attiyya Ingram, AFC, is a military spouse who specializes in making money work for military families.

Find Black-Owned Businesses Near Your Duty Station

There are so many incredible military-connect, Black-owned businesses that it’s impossible to list each and every one in just one article. Which is why we love resources that help us to do the work individually.

The Black Wallet

Military spouse Jasmine Grant launched The Black Wallet to help you find Black-owned businesses in your community. Grant also offers support and services to help entrepreneurs launch their own business!

FindMe Mobile

Military spouse and lawyer Jennifer Brantley, owner of More Than a Mrs., was looking for ways to connect with BIPOC and support local businesses. FindMe Mobile is an app and website designed to connect, collaborate and communicate!

AMSE MilSpouse Black Owned Business Directory

Military spouse Moni Jefferson has long served as a resource and support for entrepreneurs in the military community. With the recent launch of the Association of Military Spouse Entrepreneurs, a small business network, she and co-founder Flossie Hall are also highlighting Black military spouse business owners with a new directory!

Do you have a favorite Black-owned small business with a military connection? Share more information in the comments!

Military troops could see a 3% pay raise as soon as January 2021, according to Rep. Mac Thornberry, R-TX, the top GOP member of the House Armed Services Committee.

Top Armed Services Republican Promises 3% Raise in 2021

This pay raise was submitted in February 2020 as part of President Donald Trump’s proposed 2021 budget which recommends $741 billion in overall defense spending. Thornberry expects that this portion of the budget proposal will be adopted by Congress.

“People are our number one priority. And that’s a way to show our people we value them,” Thornberry said. “So I would expect the (White House’s) requested pay raise to be included next year.”

If adopted, this would be the second consecutive year that troops would receive a 3% or higher raise. In 2020, troops saw a 3.1% raise.

Should Congress adopt this portion of Trump’s budget, troops could see $800 or more in their annual salaries in 2021, according to projections from Military Times.

Based on these calculations, junior enlisted troops would receive $860 more per year. Senior enlisted and junior officers would receive at least $1500 more in their annual salary. Mid-grade and senior officers would receive $2500 or more. For example, a service member with 12 years of service and a rank of O-4 would receive $2800 more in 2021.

Aim to Retain Troops, Match Civilian Pay

Thornberry is confident that this proposed pay raise will pass. He is committed to retaining troops by making military careers more lucrative.

“We want to continue to attract and retain the very best people we can,” he explained. “Nobody does it for the money, but it is at least a factor in families deciding whether they want to join or stay in the military.”

In the past, defense leaders have strayed from the federal pay calculations, a formula designed to help match military pay to civilian counterparts, to allocate more funds to readiness and modernization efforts. However, Congress has opted to stick to the pay increases in recent years.

This year, Thornberry is concerned that troop raises and other military spending might be targeted for cuts due to the pandemic response spending. Current House Armed Services Committee Chairman Adam Smith, D-WA, has already gone on the record, stating that he does not support additional defense spending if the funds could be better used in public health initiatives or recovery programs.

Troops Slated for Raise, Other Programs Suffer Deep Cuts

Trump’s budget proposal was unveiled in early February, prior the the pandemic crisis and the recent Black Lives Matter protests sweeping the country. Titled “A Budget for America’s Future,” the plan outlines several major areas of change.

The EPA’s budget, under this plan, would call for the elimination of 50 “wasteful” programs and $500 million in research funding. The VA would be 14% higher than 2020 budget, with $105 billion in funding allocated for 2021 and $94.2 billion in immediate allocations for future programs.

Also in this budget, Trump calls for the elimination of the National Endowment for the Arts and the National Endowment for the Humanities, both major funders of PBS and NPR as well as other programs around the country. Trump also calls for an end to the Public Service Loan Forgiveness Program, which allows college loans to be forgiven when an individual has spent a period of time working for a public service agency while also making regular payments toward their loans.

If passed, what would you do with your increase in pay? Sound off in the comments!

In March, a good portion of the nation transitioned to remote work, aka working from home. There have been more than a few growing pains, what with all the people trying to access your home’s internet at the same time. Plus, we’re all grappling with the facts that those “essential” meetings could have, in fact, been emails instead.

In the middle of this sea change in the working world, one group is poised to claim dominance in the WFH sector. Military spouses are uniquely perfect for remote work – and many of us have been killing it from our home offices for years!

Military Spouses are Uniquely, Perfectly Positioned for Remote Work

Moving every one to three years isn’t exactly conducive to a traditional career. Mostly because many career tracks require you to be in one place for more than a few years at a time. You need time to grow, to get promoted and to demonstrate your skills.

Military Spouse Workforce is a great resource to help leverage your education and experience into a remote or virtual position that works for your military lifestyle!

With the unique demands of a transient lifestyle, military spouses have gotten creative with career paths out of necessity.

Military Spouses Get Creative with Careers

Moving so often means that we can’t stick around in one place long enough to see meaningful promotions. Teachers need 3-5 years in one school to be considered for tenure, for example. That’s not always, or typically, possible as a military spouse.

So we’ve had to get creative with our careers, often turning to virtual jobs or self-employment for continuity and stability.

According to a 2015 Blue Star Families survey, 23% of military spouses have been self-employed or run their own business. Another 28% reported that they were interested in owning their own business. That’s a huge percentage of our population!

Over my 11 years as a military spouse, I’ve worked from home or remote for probably 9 of them. I’ve:

• run my own tutoring business
• worked as a copy editor
• been a freelance writer
• worked as a content manager
• owned my own education advocacy business

My friends have worked remotely in fields like accounting, office management, virtual assistant and education – both K-12 and higher education.

In each case, we have leveraged our education and experience to secure these remote positions. The same 2015 BSF survey found that 84% of military spouses polled have some college education or higher, with 58% holding a bachelor’s degree or higher.

Military Spouses are Early Tech Adopters

Know who was on video chats in the early 2000s? Military spouses. We are often on the cutting edge of connectively technology and collaborative work platforms.

It’s not because we have some innate, communal skill or talent that allows us to understand technology faster or better. We adopt and use tech because we have to in order to stay connected with our loved ones. Video chats were needed to talk to our families back home or our deployed service members. We needed to learn about Google apps or online learning platforms because distance learning is often the only option for our own education.

We know how to use tech. And in a world that’s likely to be crawling with remote work, this skill is essential.

Military spouses know tech and how to connect across distances great or small. In this way, we’ve got a leg up on others who rely on being able to connect in person.

Military Spouses are Epic Multi-Taskers

One of the biggest hurdles to remote work, at least right now, is the ability to juggle multiple tasks at once while also being, well, at home.

Military spouses have got multi-tasking down cold. In fact, juggling all the things is basically what we do every day.

It’s not just watching TV and typing either. Military spouses can handle multiple, highly involved jobs always. Jobs like the logistics of a cross-country move, while looking for a home and schools, plus keeping all of the normal things going at home. All while they are solo-parenting.

And everything gets done.

Having multiple work projects with deadlines? That’s easy.

Military Spouses Network & Support Each Other

My spouse jokingly calls my network the milspouse mafia. We know things before our spouses because our grapevine passes verified info quickly.

When we move, I connect with the local military spouse groups to get the gouge on everything from the best schools to awesome CSAs or coffee shops with ethically sourced Ethiopian coffee. Yes, we go big picture while also having incredibly specific details, too.

This incredible network means that I already know a bunch of people who can fill various roles at your company. You get access to all of that knowledge when you hire me.

Plus, when a company or business gains a reputation for hiring military spouses, you’re going to have more exceptional job candidates applying. Because military spouses want to work for people who value our unique skills while supporting our military life.

Hey MilSpouse! Have you pivoted to remote work and rocked it? Sound off in the comments!

With the arrival of our family’s Economic Impact Payment I reflected on how blessed military families are to have at least one income consistent during these trying times. We decided to spend a portion of our payment to help support our local economy and the small businesses we love. So many local small businesses are closed, have limited services or are operating with curbside delivery. Here are some suggestions of how you can help:

• Big Ticket Items – If you planned to purchase a new appliance or piece of furniture consider the local store rather than the big box chain. Local appliance stores may have slightly higher prices than the chains but they are still eligible for all the manufacturers sales and rebates. The customer service is more personalized. Often you are working with the owner or family member who really knows the products and can provide you with good recommendations of what will work for you.
• Military Spouse Business – Especially if they have a storefront. I have two friends that own local boutiques and although closed they offer online shopping and one even offers free local front porch delivery. If you know people in this situation, “like” and “share” their social media. Someone you know may need their products.
• Services – Buy gift certificates from your favorite hairdresser or barber to use when they can finally open again. Their businesses will thrive once this lifts, but they sure could use the money now. Another option is to buy some of the products sold in the salon if they offer curbside pick up or shipping options.
• Take Out – Step up your takeout orders to help local restaurants and their employees. Tip as if you were sitting in the restaurant to eat. Be generous. A $20 tip can buy quite a few groceries or fill a tank with gas (at corona pandemic prices).
• Farm Stands – As local produce starts to ripen, shop your local farm markets and stands. Many farmers are losing commercial contracts for food service as restaurants aren’t ordering. When you purchase produce at the farm 100% of the profit goes to the farmer. Especially this season it is so important to support our local farmers to help them get through these tough times.
• Teenagers and College Students – My son was laid off from his job serving food at an assisted living community so we have hired him to do some painting. Do you have any odd jobs or projects you can use help with? Take a break from yard work and hire a student to weed your yard. Struggling with setting up a website or learning social media, outsource to a teenager to help you get started or give you digital lessons.
• Shelters – Can use individually wrapped snacks to help serve food safely.
• Food Banks – Go through your pantry or look for items on sale to donate. I call to find out what they need the most of or just make a donation. Many banks buy in bulk and then breakdown into  family size portions.

Over the past 15 years fighting a war on two fronts our local communities are so generous supporting the military with donations, discounts, supporting welcome home parties etc and know we have the opportunity to give back and help them in their time of need. How are you supporting your local community?

By Marguerite Cleveland

This year after seeing so many of my friends’ cool planners with everything color coded with motivating stickers, I decided to take the plunge. This was after I got over the sticker shock with most being priced at the $50 mark. So, after looking at these for over two years to decide if the investment was worth it, I finally committed and bought two different ones, a content planner and a goal-oriented planner. There are tons of planners available on Amazon at more reasonable prices and many online planners but here is why I chose the more expensive option.

• Small Business – I am willing to pay more to support a small business especially woman owned. I was amazed at the ability of these ladies to develop a concept that works and bring a product to market.
• Training – When you purchase a small business planner these ladies are very savvy about planning especially if it is a niche planner such as a content planner. They developed something that works. Follow them on social media and their websites for useful tips and videos on how to use their products.
• Paper versus online – I am a paper gal. I like the feeling of writing a goal down in ink. When you commit to ink it is a more thoughtful process. And did I mention colorful pens and stickers? You just can’t get that satisfaction from an online planner. I also like the fact that you can have it in front of you as you work on your computer.

Some things to think about before you purchase one. For a content planner you want to purchase one that is focused on an online business whether it is for products or a blog. The planner should have a section that lists information you can use for planning your content such as a calendar listing all the fun days such as National Ice Cream Day or National Plan Your Vacation Day. This is very helpful planning content especially if you are short on ideas. It should have a section to track your statistics for social media. Goals are important so a section to list track goals weekly and monthly. Suggested themes for the month is also a useful planning tool. I also think stickers are an important motivator, so it is nice if that is included.

Goal Oriented Planners are also a useful tool to plan your year. You want one that gives you space to map out some ideas of things you want to do whether it is business or personal goals. You want instructions on how to come up with goals and break them down into long and short term. I also like the goal planner to be my daily planner with space for daily activities and a monthly layout as well.

One last thing you will want to purchased colored pens, pencils or markers to use with your new planner. You can use different colors for personal or business activities or for different members of your household.

 So, are expensive planners worth the cost? I think so if you are willing to use them. I find using something that’s nice often motivates me and this year these planners are going to help me stay organized and grow my business.

     Do you like to plan? What is your favorite planner?

Marguerite Cleveland is a freelance writer who specializes in human interest and travel stories. She is a military brat, a veteran and now a military spouse.  Her military experience is vast as the daughter of a Navy man who served as an enlisted sailor and then Naval Officer. She served as an enlisted soldier in the reserves and on active duty, then as an Army Officer. She currently serves as a military spouse. She lives in the Pacific Northwest with her husband and two sons. Visit her website www.PeggyWhereShouldIGo.com

W2s will soon be hitting MyPay accounts around the world. Tax season is here, and we’ve got the 411 to help military families get the most bang for their buck.

Tax Season 411 for Military Troops & Families

Tax season can be stressful, especially for military troops and families. When you’re stationed far from your home of record or own several properties across multiple states, taxes can get interesting. Add in time in tax-free zones or small business ownership, and your military family’s taxes are super complicated.

However, knowledge is power. So we’re here to drop all our best intel and get you fully prepped for tax season 2020.

Know Your Deadlines

Tax season officially starts in late January, around January 27. W2s and other employer tax forms should arrive in the mail or be posted in your online pay portal by the end of the month.

Keep these handy for the whole process.

At the same time, you should also be getting tax forms from your bank, any investment accounts and other earnings.

Starting on or around January 27, you’ll be able to file your taxes with the IRS and your home of record. You will need to complete your filing or apply for a deadline by mid-April, usually on or around April 15.

Special Military-Specific Considerations

Did you know that BAH doesn’t count as “income” for tax purposes? That’s right: it’s exempt!

BAH and a whole host of other special military pay and benefits are not taxable. You can snag the whole list (from tax year 2018) from the IRS.

You can also claim deductions for uniform purchases, education and child care – although these are not all military-specific.

I’m Ready to File, Now What?

You have lots of options when filing, actually!

The military runs free tax centers on all major military installations, staffed by trained personnel. They can guide you through the process of filing state and local taxes. This is better for individuals and families with relatively uncomplicated taxes.

You could also file everything yourself, through the IRS or another online tax prep system like TurboTax. The IRS form is specifically for federal taxes. Each state also provides avenues to file without a preparation fee as well. Check with your specific state for more information.

MilitaryOneSource also offers free tax filing services for military troops through their MilTax software.

For more complicated taxes, like for property owners or small business owners, might require additional support from a tax professional.

You could opt for a larger accounting and tax prep firm. Turbo Tax and TaxSlayer all offer discounts and/or free tax support for military personnel. Each of these companies offers online tax filing support and assistance. Taxpayers will need to provide proof of military service along with all tax documents to qualify for the discount.

What If I Need Tons of Help?

Sometimes taxes are too much to muddle through even with online support or software. That’s when military troops and families can turn to local accountants, tax preparers and CPAs.

Many military spouses and veterans operate small businesses offering these services. Working with a military-connected accountant means that they’ll better understand the complications of your tax return because they probably have one that is just as challenging!

If a military-connected accountant isn’t available in your area, there are many large and small firms that can process your claims. Liberty Tax is a popular off-base company that offers a military discount. H&R Block is another popular tax company that has years of military expertise.

What Do I Need to Know in 2020?

Accountant Brandyn Cox, of BMC Accounting, shared some essential info that all military troops and families need to be tracking this tax season.

• Military personnel are the only group allowed to still claim moving expenses; the rules changed for everyone else in 2017
• You have until June 15 to file if you are deployed or stationed outside of the US and Puerto Rico
• Spouses can file on behalf of their deployed spouse, as long as IRS Form 2848 has bee submitted

Cox notes that it’s also important to check the most recent tax updates for tax year 2019. There have been some changes to automatic deductions and claims you can make this year.

Avoid This Major Military Pitfall!

In addition to these important points, Cox passed along advice that all military troops need to know.

“Common mistakes I have seen military members make nowadays revolve around taking distributions from their TSP,” he said. “When you take that money out of a Traditional TSP, you’re going to incur a penalty equal to 10% of that distribution.”

There might be additional taxes on that TSP withdrawal as well.

“You’ll also want to withhold income taxes for that as well,” explained Cox. “Depending on your rank, filing status and number of kids claimed you are usually going to want to withhold no less than 12%”

In other words, pulling money out from your TSP could cost you big in the long run.

How do you handle tax season? Share your best tips and tricks in the comments!

We’re already counting down to 2020 at MilitaryShoppers and just know it’s going to be the best year yet! But in order to make sure it’s great (instead of just wishing and hoping), we’re creating an action plan to plant seeds of success that will sprout all year long.

Set Yourself Up for Success in 2020 with Our Jumpstart Plan

Use these ideas to help jumpstart your new year!

Check Your Money

Yes, the DoD paychecks are regular, but just because you know how much will be coming in every two-ish weeks doesn’t mean you shouldn’t clean your financial house at the end of the calendar year.

Start by checking on your bank accounts, checking, savings and any other places you’ve stashed money, like a money market or CD. Ask these questions:

• If I didn’t work for 6 months, could my family get by?
• Is my money working for me? Is it earning as much interest as possible?
• Do I have money set aside (and growing) for retirement?

Be brutally honest. It doesn’t pay (literally) to look at your finances with rose-colored glasses.

If you don’t have liquid (cash in the bank) assets to cover your basic bills for six months, it’s time to make a plan to get to that point. This might mean cutting down on extras, like trips or eating out. What can you cut to save money?

If you have a good amount stashed in the bank, make sure that everything above and beyond your emergency fund is working hard. This might mean diversifying your bank accounts into higher yield options or opening a CD. Talk to a financial adviser, either through your preferred bank or a privately-operated business, to understand your options and what might be best.

Okay, you’ve got money for “just in case” and the rest is earning decently, but what about after you’re done working 9-5 every day? Do you have money for retirement? If not, now is the time to chat with a financial adviser about how, when and where to create your retirement investments. A financial adviser can help you with that, too.

Check Your Credit and Spending

Where is your money going? Do you know?

If you don’t know, even just a rough guesstimate, you need to figure it out. Look at your bank accounts and credit/debit card statements. Break things down by category, then total up the spending per category and compare it to your total spending.

This will help you know just how much of your income is going to say, restaurants and bars, over the course of a year, quarter or month.

Pro Tip: there are tons of apps that can do this for you.

Clean House

Like literally clean it and clean it out. Start now, going room by room or by category. Consider each item and whether it’s useful and used regularly. Yes, we are going full Kondo.

There will be those items that you keep to use seasonally, like the grill stuff that only comes out in the summer or serving ware that makes an appearance at the holidays only. Totally fine.

But everything else should be considered and de-cluttered accordingly.

Once you’re whittled down, get to scrubbing. Start cleaning at the actual top of your house and work your way down. Save the floors for absolute last in each room.

It feels nice to start a new year with a fresh, clean house!

Assess Your Fitness

Sure you can pound out a fitness test when needed, but is your fitness actually working for you?

One way to check is to log your food for a week or two. Maybe try after the New Year, just so you can enjoy the holiday goodies and desserts. Write down everything that goes into your mouth. You can use an app, like MyFitnessPal, to keep your food diary and get a good estimate of calories.

While you’re logging, write down your workouts and describe them. Every person needs a different workout style and routine. If you have questions, check with a personal trainer. Most on-base gyms offer consultations with the trainers on their staff. You can also check your military community for certified trainers and nutrition coaches. Many military spouses are entering the fitness and wellness industry!

Make a plan to create positive change. Even if it’s just swapping a granola bar (not terrible) for an apple (pretty great!) when you’re reaching for a snack, it’s a great first step! You could also push yourself to go an extra lap on the track, sneak in an extra rep or try a new exercise.

Update Your Resume

Even if you’ve got a sweet gig, it never hurts to have a fantastic resume and cover letter template in your back pocket.

Check over your resume and make sure it includes:

• Degrees, licensures & certifications
• Most recent relevant jobs to your “dream” position
• Brief action-oriented descriptions of your job(s)

Your cover letter should be mostly a template, but ready to be tweaked whenever you need it. Cover letters and resumes should be tailored to fit the job you’re applying for each time.

If you need help, there are employment support centers on every military base that can help you create your resume and even adjust it for federal job applications.

Make Your Resolutions SMART

Identify your goals and the baby steps you’ll need to take along the way. Make a plan for success.

You’re going to make your goals SMART:

• Specific: very clear cut and focused “I will do a 10-mile race”
• Measurable: you can quantify the success with a number “I will run a 10-mile race in under 2 hours”
• Attainable: spell out the mini-victories you’re going to reach along the way “I will run 5K, 10K and a 5K+10K races at less than an 11-minute pace on the way to running my 10-mile race”
• Realistic: is this something that you can realistically achieve under the circumstances? Ex: if you’ve literally never run before, maybe start with a 5K and adjust your goal as you go
• Timely: set a deadline “I will run a 10-mile race by April”

If you overshoot or reach your goal faster, you can always adjust. Once you reach your goal, make a new one!

Write your goal, and the benchmarks to success, somewhere you’ll see it daily.

Cheers to a successful 2020! Happy New Year!

What are your best tips for a successful new year? Share your wisdom in the comments!