Military Taxes, State Tax Laws & Spouse Side Hustles | Military Spouse Residency Relief Act | Military Tax Experts Alliance w/ Paul Allen #130
06/24/24 • 43 min
Taxes can be complicated. Military families have a number of unique concerns when thinking about their taxes- which state(s) to file in, how to withhold taxes, how a gig economy or side hustle affects the plan, how to handle rental property, etc.
Today's main points include:
- Common tax problems for military families
- Important tax implications for families with a rental property or side hustle
- Warning signs when looking at financial advisors
- Filing in multiple states
- Filing wholly on your own or wholly through a CPA are not your only options
For a limited time, Spencer is offering one-on-one Military Money Coaching sessions! Get your personal military money and investing questions answered in a confidential coaching call.
Links mentioned in today's show:
- PIM Tax Services
- MFAA- Military Financial Advisors Association
- Military Tax Experts Alliance
- MQFP search
- Nectarine service for financial advisor hourly meeting
- MilTax via Military One Source
- Paul Allen on LinkedIn
Our new TSP course is live! Check out the Confident TSP Investing course at militarymoneymanual.com/tsp to learn all about the Thrift Savings Plan and strategies for growing your wealth while in the military. Use promo code "podcast24" for $50 off. Plus, for every course sold, we'll donate one course to an E-4 or below- for FREE!
If you have a question you would like us to answer on the podcast, please reach out on instagram.com/militarymoneymanual or email [email protected].
If you want to maximize your military paycheck, check out Spencer's 5-star rated book The Military Money Manual: A Practical Guide to Financial Freedom on Amazon or at shop.militarymoneymanual.com.
I also offer a 100% free course on military travel hacking and getting annual fee waived credit cards, like The Platinum Card® from American Express, the American Express® Gold Card, and the Chase Sapphire Reserve® Card in my Ultimate Military Credit Cards Course at militarymoneymanual.com/umc3.
Learn how to get your annual fees waived on premium credit cards from American Express in the Ultimate Military Credit Cards Course at militarymoneymanual.com/umc3.
The Platinum Card® from American Express and the American Express® Gold Card waive the annual fee for active duty military servicemembers, including Guard and Reserve on active orders over 30 days. The annual fees on all personal Amex cards are also waived for military spouses married to active duty troops.
Taxes can be complicated. Military families have a number of unique concerns when thinking about their taxes- which state(s) to file in, how to withhold taxes, how a gig economy or side hustle affects the plan, how to handle rental property, etc.
Today's main points include:
- Common tax problems for military families
- Important tax implications for families with a rental property or side hustle
- Warning signs when looking at financial advisors
- Filing in multiple states
- Filing wholly on your own or wholly through a CPA are not your only options
For a limited time, Spencer is offering one-on-one Military Money Coaching sessions! Get your personal military money and investing questions answered in a confidential coaching call.
Links mentioned in today's show:
- PIM Tax Services
- MFAA- Military Financial Advisors Association
- Military Tax Experts Alliance
- MQFP search
- Nectarine service for financial advisor hourly meeting
- MilTax via Military One Source
- Paul Allen on LinkedIn
Our new TSP course is live! Check out the Confident TSP Investing course at militarymoneymanual.com/tsp to learn all about the Thrift Savings Plan and strategies for growing your wealth while in the military. Use promo code "podcast24" for $50 off. Plus, for every course sold, we'll donate one course to an E-4 or below- for FREE!
If you have a question you would like us to answer on the podcast, please reach out on instagram.com/militarymoneymanual or email [email protected].
If you want to maximize your military paycheck, check out Spencer's 5-star rated book The Military Money Manual: A Practical Guide to Financial Freedom on Amazon or at shop.militarymoneymanual.com.
I also offer a 100% free course on military travel hacking and getting annual fee waived credit cards, like The Platinum Card® from American Express, the American Express® Gold Card, and the Chase Sapphire Reserve® Card in my Ultimate Military Credit Cards Course at militarymoneymanual.com/umc3.
Learn how to get your annual fees waived on premium credit cards from American Express in the Ultimate Military Credit Cards Course at militarymoneymanual.com/umc3.
The Platinum Card® from American Express and the American Express® Gold Card waive the annual fee for active duty military servicemembers, including Guard and Reserve on active orders over 30 days. The annual fees on all personal Amex cards are also waived for military spouses married to active duty troops.
Previous Episode
Tips for Separating from Active Duty, Avoiding Index Universal Life Insurance (IUL), and Military Entrepreneurship with Erik Baskin #129
For a limited time, Spencer is offering one-on-one Military Money Coaching sessions! Get your personal military money and investing questions answered in a confidential coaching call.
Real-estate returns, disability insurance, time-blocking techniques, and more! Erik Baskin is a Certified Financial Planner (CFP) and Air Force veteran. He's a fee-only, fiduciary financial planner and entrepreneur. Main points:- Separating from the military and lessons learned during the transition
- Military veteran entrepreneurship
- Knowing if real estate investing is good for you
- IUL policies- the math doesn't work out
- Why it's good to invest at all-time highs
- Holding onto too much cash
Links:
- BaskinFP.com https://www.baskinfp.com/
- BLUFfinance Podcast https://www.baskinfp.com/podcast
- Personal Finance Club Detailed Review of IUL Math https://www.personalfinanceclub.com/is-iul-a-scam-yes/
- Just Keep Buying book by Nick Maggiulli https://www.amazon.com/Just-Keep-Buying-Proven-wealth/dp/0857199250
- Erik Baskin on LinkedIn https://www.linkedin.com/in/erikbaskin/
Our new TSP course is live! Check out the Confident TSP Investing course at militarymoneymanual.com/tsp to learn all about the Thrift Savings Plan and strategies for growing your wealth while in the military. Use promo code "podcast24" for $50 off. Plus, for every course sold, we'll donate one course to an E-4 or below- for FREE!
If you have a question you would like us to answer on the podcast, please reach out on instagram.com/militarymoneymanual or email [email protected].
If you want to maximize your military paycheck, check out Spencer's 5-star rated book The Military Money Manual: A Practical Guide to Financial Freedom on Amazon or at shop.militarymoneymanual.com.
I also offer a 100% free course on military travel hacking and getting annual fee waived credit cards, like The Platinum Card® from American Express, the American Express® Gold Card, and the Chase Sapphire Reserve® Card in my Ultimate Military Credit Cards Course at militarymoneymanual.com/umc3.
Learn how to get your annual fees waived on premium credit cards from American Express in the Ultimate Military Credit Cards Course at militarymoneymanual.com/umc3.
The Platinum Card® from American Express and the American Express® Gold Card waive the annual fee for active duty military servicemembers, including Guard and Reserve on active orders over 30 days. The annual fees on all personal Amex cards are also waived for military spouses married to active duty troops.
Next Episode
Enlisted Military's Guide to Money | Advice for New Military Members, Boot Camp & First Paycheck #131
New enlisted servicemember's guide to personal finance! In this episode, Spencer and Jamie share all the financial advice they'd share with a new enlisted troop in their unit. It is possible to accumulate and save while on active duty as an enlisted service member!
If you're an officer, go check out episode #132 covering all the personal finance advice for a new officer!
Topics include:
- Money mindset
- Banking
- Tracking spending
- Debit vs Credit
- Emergency Fund
- Keeping up with the Joneses
- Prioritizing what matters to you
- Temporary sacrifices bring long-term gain
- Thrift Savings Plan (TSP)
- Roth IRAs
- SGLI and insurance
- Account security/two-factor authentication
- Why you shouldn't buy a house while on active duty
For a limited time, Spencer is offering one-on-one Military Money Coaching sessions! Get your personal military money and investing questions answered in a confidential coaching call.
Links mentioned in today's show:
- The Confident TSP Investing Course (free for E-4 and below- just send us an e-mail for a promo code!)
- Military Money Manual: A Practical Guide to Financial Freedom by Spencer Reese
- Monarch Money
- YNAB
- Wise
Our new TSP course is live! Check out the Confident TSP Investing course at militarymoneymanual.com/tsp to learn all about the Thrift Savings Plan and strategies for growing your wealth while in the military. Use promo code "podcast24" for $50 off. Plus, for every course sold, we'll donate one course to an E-4 or below- for FREE!
If you have a question you would like us to answer on the podcast, please reach out on instagram.com/militarymoneymanual or email [email protected].
If you want to maximize your military paycheck, check out Spencer's 5-star rated book The Military Money Manual: A Practical Guide to Financial Freedom on Amazon or at shop.militarymoneymanual.com.
I also offer a 100% free course on military travel hacking and getting annual fee waived credit cards, like The Platinum Card® from American Express, the American Express® Gold Card, and the Chase Sapphire Reserve® Card in my Ultimate Military Credit Cards Course at militarymoneymanual.com/umc3.
Learn how to get your annual fees waived on premium credit cards from American Express in the Ultimate Military Credit Cards Course at militarymoneymanual.com/umc3.
The Platinum Card® from American Express and the American Express® Gold Card waive the annual fee for active duty military servicemembers, including Guard and Reserve on active orders over 30 days. The annual fees on all personal Amex cards are also waived for military spouses married to active duty troops.
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