My Coast Guard

Will recent tax law changes help you save money?

By Keisha Reynolds, MyCG Staff Writer

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Pocket more money by learning how to respond to tax law changes—today’s Wellness Wednesday discussion.

Today’s Wellness Wednesday guests will teach us how to pocket more of our earnings by being aware of the latest tax laws. Join the Coast Guard’s Personal Financial Manager, Ken Hall, and CG SUPRT Senior Money Coach, Laura Donohue, as they discuss the recent American Rescue Plan Act and the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), responsible for stimulus payments. 

They will answer your tax questions live today, March 31, during the CVR Teams session at 3 p.m. EST. Guidance will be provided for active and reserve members, as well as auxiliarists and civilians. 

As an example of a recommendation the team plans to provide, Donohue advises that, “Good tax planning includes updating your W-4 periodically. This results in breaking even at tax time and gives you the use of your money throughout the year.”

The pair will also discuss the top actions you can take for better self-education including taking Consumer Awareness Training, Savings and Investing Training and Estate Planning Training—all offered through the Coast Guard’s CG SUPRT.

Hall says, “The U.S. Coast Guard has invested a lot of time and money into financial programs and resources for service members and their families,” said Hall. “I’m hoping this Wellness Wednesday has a positive impact on the attendees and that they will utilize the financial resources and programs offered by the U.S Coast Guard.”


Resources:

  • CG SUPRT offers free online tax filing through H&R Block online.  Those eligible include Coast Guard active duty members, civilian employees, members of the selected reserve, and their dependent family members.  In order for your online tax filing to be free, access H&R Block through the CG SUPRT website.
     
  • CG SUPRT Money Coaches are available year-round and can help with tax-specific questions, along with broader personal financial topics.  Appointments can be scheduled by calling 1-855-247-8778 or visiting CG SUPRT and searching for “financial coaching.”
     
  • Personal Financial Managers (PFMs) serve as the Coast Guard’s financial counselors for each region.  PFMs are Accredited Financial Counselors and the designated subject matter experts in all areas of personal finance.  The Command Financial Specialist (CFS) is the point-of-contact at the unit levels. They can assist with finding financial resources, providing basic budgeting guidance and are able to refer more complex matters to the PFM.
     
  • If you have questions or suggestions, you may e-mail us at wellnesswednesday@uscg.mil.
     
  • If you would like to see previous Wellness Wednesday recordings, they are available on the CG-11 CG Portal webpage (CAC required).
     
  • Join this CVR Teams link to attend Wellness Wednesday from your CG computer, personal computer or mobile device. Even if you do not have a CVR.mil account, you can still watch the stream via the link above. If you wish to maintain anonymity, log out of your normal (USCG/DOD) CVR account and join as a guest. You may also call (571) 388-3904; Conference ID 453 387 852#.