rapidfire
Retirement Living
Family
Let’s Talk Taxes
Matters
Discover helpful
resources for military
W
ith the end of the year just would normally do.” If you have an ex- spouses and children.
around the corner, now is the pense you can hold off on deducting until
time to start thinking about your the 2010 tax year, do so. In response to ris-
2009 income tax return. If you’re looking Here are some other quick tips for de- ing suicide and di-
to decrease your tax burden for this year, creasing your tax burden in April 2010: vorce rates in the U.S.
you’ll likely need to evaluate potential de- ■ Report losses on any taxable accounts military, FamilyLife,
ductions and credits before Dec. 31. Ron (aside from retirement accounts) you have. a nonprofit ministry
Knipping, managing partner with Rehm- ■ Take advantage of tax-deferred retire- dedicated to supporting
ann, a CPA and business consulting fi rm ment plans, and contribute to your Thrift marriages and families,
based in Saginaw, Mich., says you should Savings Plan. is presenting more than
meet with your accountant as soon as pos- ■ Take advantage of setting up and/or 100 Weekend to Re-
sible. “Because of all the complexities of contributing to a tax-free health savings member marriage con-
tax credits and so much in the tax code account, as those likely will be going away ferences nationwide.
being poorly written, most people under- in the coming years. Weekend to Re-
utilize the available tax credits,” he says. ■ Don’t forget you can deduct medical ex- member is a marriage
Knipping says you might want to ig- penses exceeding 7.5 percent of your adjust- getaway aimed at
nore the conventional wisdom of taking ed gross income if you itemize deductions. strengthening healthy
as many deductions and credits this year ■ If you’ve taken on a new job in retire- marriages and healing
as you possibly can. “Most people think ment and moved as a result, you might be troubled ones in a fun,
tax rates are going to go up next year,” able to deduct moving expenses. supportive, nonthreat-
he says, “so do the opposite of what you — Deborah Huso ening environment.
While all couples
can attend, FamilyLife
has invited members
of the military and their
spouses to attend the
conference at a reduced
rate of $69 a person
in recognition of the
sacrifices servicemem-
bers and their families
make and the toll mili-
tary service can have on
their marriage.
For more informa-
tion or to register for a
Weekend to Remember
getaway, call (800) FL-
TODAY (358-6329) or
visit www.familylife
.com/militarymarriage.
28 MILITARY OFFICER NOVEMBER 2009 ILLUSTRATION: VIVIANA GAROFOLI
NNov_RF.indd 28ov_RF.indd 28 110/5/09 12:21 PM0/5/09 12:21 PM
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