In this episode, I wanted to highlight the many benefits available to veterans with VA disability ratings, as I was surprised by how extensive they are during my own claims process. I go over key benefits, especially those that are lesser known, particularly for 100% disabled veterans. These include commissary and exchange privileges, waived VA loan funding fees, tax-free compensation (which can be substantial), healthcare benefits that expand significantly at 50% and 100% ratings, student loan forgiveness for 100% total and permanent disability, property tax exemptions in some states, Chapter 35 education benefits for dependents, and even free in-state tuition in certain states. When combined, these benefits can add up to millions of dollars in value over time. I emphasize the importance of knowing your benefits, ensuring your rating is accurate, and filing for increases if warranted. If you haven't filed a VA claim but believe you're eligible, it's worth pursuing, as these are benefits you're legally entitled to. Hopefully, this episode helps veterans or their loved ones understand what’s available to them. Let me know if you have any questions, and thanks for listening!

Key Takeaways:

• Disabled veterans can access commissary and exchange privileges, hiring preferences, and burial benefits.

• Veterans with at least a 10% disability rating can have their VA loan funding fee waived, potentially saving thousands.

• Some states offer full property tax exemptions for 100% disabled veterans, while others provide partial exemptions.

• Spouses and children of 100% disabled veterans may qualify for additional education benefits similar to the GI Bill.

• Even at lower ratings, benefits can add up to tens of thousands of dollars, while a 100% rating can be worth millions over a lifetime.

• Veterans should not feel guilty about filing; these benefits are legally granted based on service-connected conditions.

Key Timestamps:

(00:00) – VA Disability Benefits

(01:36) – VA Loan Funding Fee Waiver

(02:19) – Compensation Details

(04:10) – Healthcare Benefits

(05:18) – Student Loan Forgiveness

(06:58) – Property Tax Exemptions and Vehicle Registration

(07:53) – Chapter 35 Benefits

(09:21) – In-State Tuition for Children of Disabled Veterans

Key Topics Discussed:

BLUF Veteran Finance Podcast, Military Finance, Veteran Financial Planning, Military Money Management, VA Benefits, Military Retirement Planning, Financial Literacy for Soldiers, Military Budgeting Tips, Debt Management for Service Members, VA Loans, Military Investment Strategies, Saving for Deployment, Thrift Savings Plan (TSP), Transitioning to Civilian Life, Military Tax Benefits, Financial Independence for Veterans, Military Money Manual, The Military Money Show

Mentions:

Current Veterans disability compensation rates: https://www.va.gov/disability/compensation-rates/veteran-rates/

More of Baskin Financial Planning:

Download the Ultimate Military Finance Checklist⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠, with 7 pages of critical things to be thinking about to clarify your journey to financial freedom.

Think you might need some financial help? ⁠⁠⁠⁠⁠Book an intro call with me to see if we would be a mutual fit.

Questions or comments, drop me a note at: erik@baskinfp.com

www.baskinfp.com/post/63

In this episode, I break down the key changes we can expect in the 2025 Republican tax bill and what they might mean for you. With a Republican majority in Congress and President Trump back in office, major tax reforms are likely on the horizon—think lower individual tax rates staying in place, a potential repeal or increase of the SALT deduction cap, and a higher child tax credit. Business owners could see an expanded QBI deduction and the return of 100% bonus depreciation, while there’s also talk of eliminating taxes on tips, overtime, and Social Security benefits. Plus, clean energy tax credits may be on the chopping block, and estate tax changes are on the table. Tune in as I walk through what’s coming, how it could impact your finances, and what to keep an eye on as the bill takes shape later this year!

Key Takeaways:

• The lower individual tax brackets from the 2017 Tax Cuts and Jobs Act (TCJA) are expected to become permanent, avoiding the scheduled 2026 increase.

• The 20% deduction on qualified business income (QBI) is expected to remain and could increase to 30% or 35%, benefiting small business owners.

• There’s discussion about making tips, overtime pay, and Social Security benefits tax-free, though this remains uncertain

• Credits for electric vehicles, solar panels, and other green energy incentives are likely to be phased out or eliminated altogether.

• The final bill is expected mid-2025, so individuals and businesses should monitor changes closely to adjust tax strategies before year-end. Stay tuned for updates!

Key Timestamps:

(00:00) – Overview of Expected Tax Changes

(02:30) – SALT Tax Exemption Changes

(04:17) – Enhanced Standard Deduction

(05:08) – Enhanced Child Tax Credit

(06:13) – Qualified Business Income Deduction

(07:47) – Reintroduction of 100% Bonus Depreciation

(09:03) – Miscellaneous Income Tax Changes

(10:05) – Removal of Clean Energy Credits

(11:03) – Estate Taxes and Conclusion

Key Topics Discussed:

BLUF Veteran Finance Podcast, Military Finance, Veteran Financial Planning, Military Money Management, VA Benefits, Military Retirement Planning, Financial Literacy for Soldiers, Military Budgeting Tips, Debt Management for Service Members, VA Loans, Military Investment Strategies, Saving for Deployment, Thrift Savings Plan (TSP), Transitioning to Civilian Life, Military Tax Benefits, Financial Independence for Veterans, Military Money Manual, The Military Money Show, tax changes, estate taxes, EV tax credits, solar panels, green energy incentives, SALT, Tax Cuts and Jobs Act, President Trump, Republican majority

More of Baskin Financial Planning:

Download the Ultimate Military Finance Checklist⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠, with 7 pages of critical things to be thinking about to clarify your journey to financial freedom.

Think you might need some financial help? ⁠⁠⁠⁠⁠Book an intro call with me to see if we would be a mutual fit.

Questions or comments, drop me a note at: erik@baskinfp.com

www.baskinfp.com/post/62

I explore a common question I hear frequently: “Can my spouse quit their job?” Using a real-life client case study, I break down the financial and emotional considerations of transitioning to a single-income household. By analyzing their $350K combined income, with $800K already saved for retirement and a strong financial foundation, they decide the tradeoff is worth it for less stress and more family time. This exercise highlights the importance of evaluating not just numbers but also lifestyle priorities, whether it’s reducing hours, cutting expenses, or rethinking long-term goals. I hope this discussion inspires listeners to reflect on their own situations and find the balance that works best for their family.

Key Takeaways:

• Quitting a job doesn’t necessarily mean a drastic loss of financial stability, but it does take serious consideration of personal goals and situations.

• For families with young children, childcare is often a significant expense. Removing this cost can offset the financial impact of one spouse staying home.

• Financial decisions should factor in lifestyle priorities, such as spending time with young children or reducing household stress, not just numbers on a spreadsheet.

• Families can consider cutting discretionary spending, such as dining out or shopping, to make up for the reduced income. Downsizing major expenses like housing or cars can also create more flexibility.

• Beyond childcare, other work-related expenses—like commuting, vehicle depreciation, and professional attire—can be reduced or eliminated if one spouse quits their job.

• The couple prioritizes spending time with their kids during their formative years, recognizing that this opportunity is limited and irreplaceable.

Key Timestamps:

(00:00) - Introduction: Can My Spouse Quit Their Job

(00:36) - Case Study: Real-Life Scenario

(01:43) - Financial Breakdown: Income and Expenses

(03:14) - Analyzing the Impact of Quitting a Job

(04:57) - Qualitative Considerations and Lifestyle Changes

(07:27) - Summarizing the Decision-Making Process

Key Topics Discussed:

BLUF Veteran Finance Podcast, Military Finance, Veteran Financial Planning, Military Money Management, VA Benefits, Military Retirement Planning, Financial Literacy for Soldiers, Military Budgeting Tips, Debt Management for Service Members, VA Loans, Military Investment Strategies, Saving for Deployment, Thrift Savings Plan (TSP), Transitioning to Civilian Life, Military Tax Benefits, Financial Independence for Veterans, Military Money Manual, The Military Money Show

More of Baskin Financial Planning:

Download the Ultimate Military Finance Checklist⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠, with 7 pages of critical things to be thinking about to clarify your journey to financial freedom.

Think you might need some financial help? ⁠⁠⁠⁠⁠Book an intro call with me to see if we would be a mutual fit.

Questions or comments, drop me a note at: erik@baskinfp.com

www.baskinfp.com/post/61