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Military Tax Breaks and Military Benefits

Thursday, June 19, 2008

President Bush recently signed a bill into law that will help provide tax relief for military personnel and their families. The bill is entitled the Heroes Earnings Assistance and Relief Tax Act of 2008, and it includes a clause that allows military family members to receive their $600 economic stimulus check, even if a military spouse doesn't have a Social Security number. This new law, along with a number of military benefits, military scholarships and military dependent scholarships from schools and government agencies are welcome resources for the military family.

The new bill contains a number of other important provisions, including one that allows Guard and Army Reserve Soldiers who've been activated, to take money out of retirement accounts without incurring a tax penalty. Another important part of the new law forbids the Social Security Administration from using combat-related pay to disqualify military families from applying for a variety of benefits, including health care aid.

These tax savings will allow military families to use more money for items like housing, bills or military spouse education. When there is uncertainty in the economy, many people take the time to shore up their educational credentials. Military spouses, in particular, can take advantage of scholarships for military spouses, along with their new tax savings, to train for a new career. And during this time of rising gasoline prices, distance education military options like online or correspondence courses are a great way to train for a new career without paying the price at the pump. Allied Schools, www.education4military.com

Labels: Military Benefit, Military Spouse Scholarships, military spouses

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