Claiming Your Reserve Expenses On Your Tax Return

by John Cooney on May 29, 2020

military, military finance, Taxes

While for many of our National Guard and Reserve servicemembers, traveling to monthly Battle Assemblies right now is not an option, we do hope that in the near future we will be back to meeting together, in-person, as a unit.  When the stop order movement is lifted, it is important that all servicemembers are aware of the tax rules around being able to deduct your out of pocket expenses for travellin

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Know Your Tax Credits - The American Opportunity Tax Credit

by John Cooney on Jan 21, 2020

Taxes, Education, Tax Planning

As we move towards April 15th’s tax filing deadline, I wanted to spend a few blogs on explaining some of the more popular tax credits that may be available to you.  Up first, the American Opportunity Tax Credit (AOTC).  The AOTC is a credit for qualified education expenses paid for an eligible student during their first four years of higher education.  The credit is calculated by factoring

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What is a Spousal IRA?

by John Cooney on Nov 18, 2019

Retirement, Roth IRA, IRA, Taxes

One of the requirements the IRS has in place for contributing to an IRA is that the person has to have earned income that is equal to or higher than the amount they are contributing.  What this requirement did not address were those households with only one working spouse.  Thus, the Spousal IRA was born.

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Who I Help: Case Study on a Mobilizing Reservist

Submitted by John Cooney on Nov 12, 2019

I get asked a lot about what type of clients I work with, and what I do to help them.  In this case study, I talk about a client I worked with who was preparing for a military deployment.  This client hired me on an hourly basis to help them prepare financially for the deployment and maximize the benefits available to them during the deployment.  You can read the first case study in this series h

Retirement, Thrift Savings Plan, Military Financial Planner, cash-flow, Taxes