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Free Tax Filing and Preparation for Military Members

One of the little known benefits of being in the military is access to free tax filing and preparation services. … Read More

free tax preparation for military

2017 Montgomery GI Bill Rates – How Much is Your MGIB Benefit Worth?

The Montgomery GI Bill is one of the most valuable benefits available to military members and veterans. In many cases, … Read More

Veterans Benefits Guide – How to Unlock Your Veterans Benefits

There are hundreds of benefits available to military veterans. From health care to education and training, to housing assistance and … Read More

US Mliitary Veterans Benefits Guide

How to Get a Military ID Card – Eligibility, ID Card Facility Locator, and More

A military ID card or dependent ID is a valuable card which can unlock a variety of valuable benefits, such … Read More

Unemployment Benefits After Separating from the Military

Did you know that many military veterans are eligible to receive unemployment benefits when they separate from the military? Transitioning … Read More

why can't I find a job?
by Ryan Guina
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How to Prepare Your Taxes & File Your Tax Return – (Possibly for Free!)

Thank you H&R Block for sponsoring this post. While this was a sponsored opportunity from H&R Block, all content and opinions expressed here are my own.

Filing your taxes isn’t always fun. But it doesn’t have to be a complicated process or take a long time. If your situation is fairly basic, you can file your taxes in less than half an hour. Of course, the more complicated your situation, the more time it may take.

Regardless of how complicated your situation is, you can make the process faster and easier by using a checklist to gather your paperwork and other records. It’s a good idea to make sure you have everything you need before starting your tax return. This includes your required tax paperwork, account numbers if requesting an electronic refund, and the tax software program to make the job easier.

Let’s take a look at everything you need to prepare your taxes, and possibly even find some last minute tax deductions.

How to Prepare Your Taxes & File Your Tax Return – (Possibly for Free!)

Gather Your Personal Information and Tax Forms

This is the most important step for preparing your taxes. Spending some time to gather the required paperwork before you start will prevent you from starting and stopping your return while you go look for documents you may have forgotten about. That’s why I recommend having a tax prep checklist before you start your tax return.

Over the years I’ve created my own checklist for personal use, based on my previous tax returns. If you don’t already have your own, I recommend checking out this tax prep checklist from H&R Block. You can use the basic checklist, or use their tool to create a customized version.

Which Information and Tax Forms Do You Need?

You will need to gather all the personal information for yourself and each of the dependents who will be on your tax return (if applicable). Make sure you have the full name, birthdate, and Social Security Number for each person on your tax return. You will also need records of your income and tax deductions and a copy of last year’s tax return if you have it handy. Note: H&R Block makes it easy to import a pdf copy of last year’s tax return.

Some military members may ave special tax considerations. Be sure to check out these military tax tips to help you understand some situations you may face when you file your taxes, and which forms you may need.

The following are some examples of the tax forms or information you may need. Just use this as a starting point because each situation is unique.

Common Tax Forms for Income (this is not an exhaustive list):

  • W-2 (from your employer)
  • Savings and Investments: Form 1099-INT, 1099-DIV, 1099-B, 1099-S, 1099-SA, etc.
  • Retirement Income – Form 1099-R, 1099-SSA, etc.
  • Self-employment income – 1099-MISC
  • Copies of any other 1099s you may have received
  • Records of any other income you received, as well as associated expenses, if applicable.

Common Tax Deductions and Related Forms (this is not an exhaustive list):

  • Charitable contributions
  • Mortgage interest – Form 1098
  • Other Form 1098s
  • Proof of Health Insurance Form 1095-A, or 1095-B and/or 1095-C
  • Child care expenses
  • Any other expenses that may be tax deductible
  • Any applicable military

When are tax forms available? Most tax forms are sent out by the middle or end of January. Some tax forms are released later in the tax season. So watch your mailbox and/or your online accounts for more information. Most military tax forms are released by the end of January.

Determine How You Will Prepare Your Taxes

You generally have three options for filing your taxes: paper, tax preparation service, or tax prep software. My preferred method is filing electronically, either with a tax preparation software program, or a professional tax preparation service. But the latter is only necessary for very complicated situations. The vast majority of tax returns can be filed with a commercial tax software program such as H&R Block Online. And if you have a basic tax return, you may be able to file free with H&R Block MoreZero.

Filing a paper tax return is my least favorite method. Paper returns take longer to process, are more prone to errors (either on the preparation side, or when being processed by the IRS), and you are more liable to miss money-saving tax deductions. Finally, the longer it takes to process your return, the longer it takes to process your refund if you have one coming your way.

Most tax software programs are faster and easier to use and will often help you find ways to save even more money than if you do your taxes by hand. For most situations, using tax preparation software is the easiest and most cost-effective method.

Find out if you can file your tax return for free with H&R Block MoreZero.

Look for Last-Minute Tax Savings

You may be able to save on your taxes up to the time you file your return. Make sure you have taken advantage of all last-minute savings, such as contributing to a tax-deductible IRA, or a self-employed retirement account if you are eligible.

Most commercial tax software will also help you find tax deductions you may not have even know you were eligible to receive.

For example, The IRS has reported that approximately 20% of people who are eligible to claim the Earned Income Tax Credit (EITC) fail to claim it. That’s 1 in 5 people who are missing out on a very big tax credit that can help them save big on their tax return. You can learn more about how to qualify for the EITC here.

Using a tax software program such as H&R Block Online will help you identify these potential tax savings and claim them if you are eligible.

File Your Tax Return

Once you have all your paperwork together and you’ve decided how you will file your taxes, it’s time to get started.

Grab your paperwork, set aside some time, and get started. Tax software has come a long way in the last few years. The software is powerful enough and easy enough to use that you can even file your tax return from your smartphone or tablet. Check out H&R Block’s Tax Prep App here.

Of course, H&R Block still offers an online version and a version you can download for either Windows or Mac. You can easily switch back and forth between the mobile app and desktop version or online app if you prefer to work on a larger screen.

H&R Block makes it easy to import documents such as your W-2. With H&R Block Snap-a-Pic, you can take a picture of your W-2 with your phone and import it to your tax return.

The H&R Block software walks you through an interview process about your income, expenses, and financial situation. This information is used to help find potential tax deductions. The entire tax return process is streamlined and easy. And it’s guaranteed to be 100% accurate and get you the maximum refund.

After You File Your Taxes

Your job is almost over. Once you file your taxes, you have to either send the government a check for the amount you owe them, or await your tax refund (the latter is better, of course!). You can use the H&R Block tax refund status tool to track your refund.

I will also give you one more recommendation: keep a file of your tax-related documents up to date throughout the year. I simply keep a large manila envelope in my desk drawer and I place all relevant documents, forms, and receipts in there throughout the year (right after I scan them into a file folder organized by tax year).

This ensures you keep all your tax documents up to date throughout the year. It will save you a lot of time when it comes time to file your taxes next year. Here is an overview of my tax organization system.

What Are you Waiting for? Let’s Get Started!

Filing your tax return doesn’t have to be difficult. Get started with this Tax Prep Checklist, gather your documents, and then start with your return.

Using a tax prep software program like H&R Block will guide you through a step-by-step interview process to make sure you don’t miss any potential sources of income, tax deductions, or other relevant information.

To top it off, H&R Block has audit protection and guarantees 100% accuracy, and guarantees a maximum refund. So you can rest easy knowing your tax return is as good as it’s going to get. And if you qualify for H&R Block MoreZero*, your tax return may be free to file.

You can’t beat free!

*H&R Block Online offers several tax return plans, including the following:

  • H&R Block MoreZero – free
  • Deluxe Online Tax Filing – starting at $34.99 (Best for Homeowners and Deductions)
  • Self-Employed Online Tax Filing – starting at $74.99 (Best for Investors and Rental Property Owners)

The best plan for your needs will depend on your overall tax situation. Compare all H&R Block plans to learn more!

by Ryan Guina
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2018 IRS Tax Refund Schedule (2017 Tax Year) – When Will I Receive My Tax Refund?

When it comes to filing a federal tax return, there are a few questions that people care about more than any other - how much am I paying on taxes, how much will I get back in my tax refund, and when will I receive it? Everything else, the say, is just details. There is no quick and easy answer to the first two questions. However, we can give … Read the Rest

by Ryan Guina
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2018 VA Service-Connected Disability Compensation Rates

The 2018 Cost of Living Adjustment for VA disability compensation of 2.0% was the largest COLA increase in six years. This rate increase followed rate increase of 0.3% in 2017, and no rate increase in 2016. The following article explains VA Service Connected Disability Ratings, how VA disability compensation works, and shows the 2018 VA Disability … Read the Rest

by Ryan Guina
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Best Military Money Books – Recommended Books to Help You Achieve Financial Independence

Military members, veterans, and their family members face an assortment of financial challenges that are unique to our community. As military members and veterans, we may find ourselves frequently traveling, being exposed to deployments and special duty assignments, dealing with unique pay and benefits programs, and working through other financial … Read the Rest

by Forrest Baumhover
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Terminal Leave: Take it or Sell it Back? – Pros and Cons of Both Options

There are any number of online articles that discuss whether you should sell or take terminal leave.  Ryan Guina’s Cash Money Life article is a very good primer on why this should be considered on a case-by-case basis, and why each decision on whether to take terminal leave is a personal one. This article aims to put numbers on paper.  This should … Read the Rest

by Ryan Guina
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New Federal Veterans ID Card Now Available – How to Apply for the New VIC

Update - January, 2018: VA Again Accepting ID Card Applications. The VA began accepting applications for the Veterans Identification Cards at the end of November 2017. Shortly afterward, the VA announced they were unable to process ID card requests due to the overwhelming response. Veterans were instructed to submit their email address on a waining … Read the Rest

by Ryan Guina
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RAPIDS Appointment Scheduler User Guide – Schedule Your Military ID Card Appointment Online

Getting a new military ID card can be a simple process if you're on active duty. You can usually just go to your base personnel office or Pass & ID center during office hours, sign up on the waiting list, and get a new card issued within the hour. But you may need to schedule an appointment with the local military ID card issuing office if you … Read the Rest

by Lizann Lightfoot
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Trees for Troops – Free Christmas Trees for Eligible Military Families

When my husband was deployed to Afghanistan, he often mentioned how depressingly sandy and brown it was there. He dreamed of seeing anything green and alive that would remind him of home. Imagine the impact on his unit when they received a live Christmas tree from America at their forward operating base. With a live tree, they could touch and see … Read the Rest

by Ryan Guina
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2017 Veterans Day Free Meals and Discounts – Over 100 Free Meals!

Updated: Nov 11, 2017. Happy Veterans Day! There are many restaurants and companies who want to thank our veterans by providing them with discounts or a free meal. To those companies offering veterans a free meal or discount, the military community gives a collective thanks! Download a PDF of these Veterans Day free meals and … Read the Rest

by Ryan Guina
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2017 Veterans Day Freebies, Retail Discounts, and Special Offers

Veterans Day is a time to celebrate the service of those who have sacrificed so much to keep us safe. While military members don't serve for recognition, it's nice to know that many companies and organizations set aside a day to honor their service. This page lists a variety of Veterans Day offers for our nation's servicemembers b- past and … Read the Rest

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Popular Articles

  • Veterans Service Organizations - VA Benefits Claims Help
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  • Free Tax Filing and Preparation for Military Members
  • Unemployment Benefits After Separating from the Military

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Military Benefits – ID Cards

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Recent Articles

  • How to Prepare Your Taxes & File Your Tax Return – (Possibly for Free!)
  • 2018 IRS Tax Refund Schedule (2017 Tax Year) – When Will I Receive My Tax Refund?
  • 2018 VA Service-Connected Disability Compensation Rates
  • Best Military Money Books – Recommended Books to Help You Achieve Financial Independence
  • Terminal Leave: Take it or Sell it Back? – Pros and Cons of Both Options

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*General Disclaimer: TheMilitaryWallet.com is not connected with the Department of Veterans Affairs or any government agency and is for informational and entertainment purposes only. The content on this site should not be considered professional financial advice. *Editorial Disclaimer: References to third party products, rates, and offers may change without notice. We may receive compensation through affiliate or advertising relationships from products mentioned on this site. However, we do not accept compensation for positive reviews; all reviews on this site represent the opinions of the author. *Advertising Disclaimer: The credit card offers that appear on this site are from credit card companies from which we receive compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). This site does not include all credit card companies or all available credit card offers.