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.
Resources to help you with money management do not need to be an EXTRA scary task. The perfect way to satisfy this year’s financial goals in your small business is to take one step at a time.
1) Set a budget and stick to it. If the idea of budgeting seems intimidating, start with something simple by writing down your monthly income (paychecks, child support, etc.) and how much money you spend each month (rent, food, child care, car loan, etc.). Use this budget worksheet to help you plan.
2) Give your business and personal finances a wellness check. Your personal finances and well-being are closely tied to how well your business is doing. Whether or not your business is as healthy as you’d like to be, it is recommended to run a wellness check to ensure that you meet your business’ financial goals.
3) Hire a tax professional to help you with your year-end tax planning. The US code can be complex and difficult to understand. Tax planning allows you to take advantage of strategies that may help reduce your tax obligation. To make things even easier, we recommend researching your tax credit opportunities to reduce your liability.
T. Williams & Associates are willing to educate our clients as to what their financial statements say as well as make suggestions as to what courses of action are advisable. With the new year fast approaching, it’s important to understand the recent changes to our tax laws. Together, we can identify new ways to save you money and increase profits wherever possible. Through our experience and expertise, we have developed proven processes to help automate your bookkeeping, increase your cash flow, and ultimately save money on your taxes.
If you enroll in our accounting services by December 31st, we are offering a two month FREE trial of our payroll and Online Quickbooks software!*
Please follow this link to schedule a meeting or conference call, so we can discuss your business’ needs and determine how much money we can save you monthly.