Tax Planning Updates for Military Families
Dr. Michael Gutter will present Tax Planning Updates for Military Families on behalf of the Military Families Learning Network. This web conference will focus on understanding income taxes and how it can relate to many financial management behaviors military families must engage in. We will discuss basis of tax calculations, an overview of common deductions, exemptions, and credits. In such we will hit on the three Ds: deductions, deferral, and division. Dr. Gutter will discuss some of the more complex issues facing families such as phase-outs of deductions, exemptions, and credits. Gutter will also highlight how tax advantaged accounts including flexible spending plans, TSPs, IRAs, and such can help manage tax burdens today and in the future. Gutter will use a case study family to illustrate the concepts and strategies discussed.
Image from IRS.gov
Michael Gutter, Ph.D. is an Associate Professor, Interim Family and Consumer Sciences State Program Leader, and Financial Management State Specialist for the Department of Family, Youth, and Community Sciences, in the Institute for Food and Agricultural at the University of Florida. His BS is in Family Financial Management and his PhD is in Family Resource Management from The Ohio State University with a specialization in Finance. Gutter currently explores how financial education and financial socialization are related to financial capability. His Extension Programming includes the Florida Master Money Mentor Volunteer Program, Florida Saves, and Fresh$tart Florida. He recently won Outstanding Conference Paper Award for the 2010 Association for Financial Counseling and Planning Education. The common theme that connects Dr. Gutter’s Research, Teaching and Outreach is helping households achieve financial security. His projects focus on enabling access to resources and services as well as improving people’s knowledge and understanding about family resource management. These projects have had funding from the Consumer Federation of America and Bank of America.