There are some special tax breaks for members of the military and their families. Learn how you can save money on your taxes.
If you’re active duty military or a military spouse, there are a few ways to keep money in your pocket this tax season.
1. Moving expenses. Service members who are on active duty and move because of a permanent change of station (PCS) can deduct the reasonable unreimbursed expenses of moving.
2. Combat pay. Enlisted personnel and warrant officers who serve in a combat zone for any part of a month can exclude all military pay for that month from their income. Commissioned officers also can exclude a limited amount of pay.
3. Joint returns. Spouses who are not available to sign a joint income-tax return due to military duty may use a power of attorney or IRS Form 2848 to file the return.
4. End of Service. During the transition to civilian life, you may be able to deduct certain job search and/or moving expenses. You should also remember to meet with your financial professional to make sure you have adequate insurance coverage.
You can depend on the experienced accountants at T. Williams & Associates for fresh ideas to reduce your taxes through proactive planning and skillful income tax preparation. With us in your corner, you’ll take advantage of every avenue available to minimize your tax burden and maximize your income. For more help with individual or business taxes, connect with us today. Our team can help you with all your tax issues, large or small.