• KBD

January 2021 Volume 2


January 2021 Volume 2

Purpose

The purpose of Kappa Beta Delta is to encourage and recognize scholarship and accomplishment among students of business pursuing associate degrees. To encourage and promote personal and professional improvement and a life distinguished by honorable service to humankind.


https://www.kbdhs.org/



Tax Tips for Those in the Military

The Internal Revenue Service has certain special tax breaks and programs for members of the U.S. Armed Forces. Here are just a few.

Earned Income Tax Credit

If you get nontaxable combat pay, you may choose to include it in your taxable income. Including it may boost your earned income tax credit, meaning you may owe less tax and could get a larger refund. In 2015, the maximum credit for taxpayers was $6,242. The average amount of EITC claimed was more than $2,400. You may want to consider running both calculations to see what choice best benefits you.

Signing Joint Returns

As a rule, both spouses normally must sign a joint income tax return. If your spouse is absent due to military duty, you may be able to sign for your spouse. Keep in mind, however, that you may need a power of attorney to file a joint return.

Job Search

If you leave the military and look for work, you may be able to deduct some job search expenses. You may be able to include the costs of travel, preparing a resume and job placement agency fees.


* This information is not intended to be a substitute for specific individualized tax advice. We suggest that you discuss your specific tax issues with a qualified tax professional.

Tip adapted from IRS



Stay Healthy During Flu Season

This flu season, it's more important than ever to stay healthy. Fortunately, with a few simple steps, you may reduce your risk this flu season.

· Get the flu vaccination: The Centers for Disease Control estimates that last year, fewer than half of all Americans got the flu vaccine. While getting the vaccine may not prevent you from getting a strain of the flu, it may help you avoid one of the other strains. This is especially important for anyone with a chronic health condition, and for those who are 65 years of age and older.