There are tax benefits available for military personnel and families. These tax benefits are often overlooked. For example, any monthly military pay earned while in a combat zone, or any hostile fire and imminent danger pay are tax exempt. Certain requirements by the military, such as certain uniforms or equipment purchased, can be deducted. Any moving costs can be partially written off as well. This is a great tax benefit for members of the military that jump base to base quite frequently. This benefit applies to temporary moves as well. Travel expenses for performance of reserve duties over 100 miles away are deductible as well.
Because of the stress and high demands associated with military life, the IRS offers extended deadlines for any military personal to file their tax returns or pay tax liabilities. The IRS publication 3, Armed Forces tax guide is filled with useful information, outlining many of the tax benefits available for military personnel and families. Please contact the CLloyd Group for your FREE GUIDE. Even if you’re going to be leaving the armed forces, this is worth looking into as there are even deductions available for anyone who is making the transition back into civilian life, such as certain job searching expenses may be deductible as well.
For additional information or questions on the tax benefits available for military personnel and families please contact the CLloyd Group. Be sure to ask about our military discounts!