Active-duty military service members, especially those that face combat situations, can oftentimes sustain injuries in the line of duty. Physical injuries are much more apparent, which leave physical signs of the trauma sustained. However, there are also many invisible injuries that can be just as traumatic and can affect the quality of life as much as physical injuries. These invisible injuries include PTSD, overall mental health issues, and traumatic brain injury.
Much has been written about average 2022 tax refunds being smaller than those received by taxpayers in 2020 and 2021. Some taxpayers who previously received refunds could even have a tax bill.
Service providers, especially Personal Financial Managers, often have conversations with their clients about preparing their families for the future. The DoD Survivor Benefit Plan (SBP) is an important planning consideration for military families. Below are 9 key takeaways that Personal Financial Managers need to know.
Military teens grow up with their own unique set of challenges. From parental deployments to relocation, teens in military families have learned to be flexible and resilient. That flexibility and resilience can be a great benefit when teens are planning their next steps after high school graduation.
Food insecurity is about not having the resources to pay for food. Service members are three times more likely to experience food insecurity than their civilian counterparts making a comparable income.
Income tax season for tax year 2022 (1/1/22-12/31/22) ends April 18, 2023. Whether taxpayers have already prepared their 2022 tax return, or it is still a work in progress, it is not too early to begin tax planning for 2023. Below is a summary of four 2023 tax law changes for Personal Financial Managers to share with military families:
Everyday stressors can really run down the average family on an ongoing basis. Meal planning, scheduling, and personal and professional stress can cause a great deal of anxiety and can trickle down to kids in the family. And for military families, the pressure is even stronger when you add in all the circumstances involved in military life. Military children also deal with stressors unique to their culture.
This material is based upon work supported by the National Institute of Food and Agriculture, U.S. Department of Agriculture, and the Office of Military Family Readiness Policy, U.S. Department of Defense under Award Number 2023-48770-41333.
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