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IRS Marks National Military Appreciation Month; Free Tax Guide Focuses on Tax Benefits for Members of the Military
For Original post , visit www.irs.gov
IRS YouTube Videos
Military Tax Tips: English | Spanish | ASL
Combat Pay: English | Spanish
WASHINGTON — May is National Military Appreciation Month, and the Internal Revenue Service wants members of the military and their families to know about the many tax benefits available to them.
Each year, the IRS publishes Publication 3, Armed Forces Tax Guide, a free booklet packed with valuable information and tips designed to help service members and their families take advantage of all tax benefits allowed by law. This year’s edition, geared to the 2014 return, is posted on IRS.gov. Available tax benefits include:
Service members who prepare their own return qualify to electronically file their federal return for free using IRS Free File. In addition, the IRS partners with the military through the Volunteer Income Tax Assistance program to provide free tax preparation to service members and their families at bases in the United States and around the world.
For Original post , visit www.irs.gov
IRS YouTube Videos
Military Tax Tips: English | Spanish | ASL
Combat Pay: English | Spanish
WASHINGTON — May is National Military Appreciation Month, and the Internal Revenue Service wants members of the military and their families to know about the many tax benefits available to them.
Each year, the IRS publishes Publication 3, Armed Forces Tax Guide, a free booklet packed with valuable information and tips designed to help service members and their families take advantage of all tax benefits allowed by law. This year’s edition, geared to the 2014 return, is posted on IRS.gov. Available tax benefits include:
- Combat pay is partly or fully tax-free.
- Reservists whose reserve-related duties take them more than 100 miles from home can deduct their unreimbursed travel expenses on Form 2106 or Form 2106-EZ, even if they don’t itemize their deductions.
- Eligible unreimbursed moving expenses are deductible on Form 3903 .
- Low-and moderate-income service members often qualify for such family-friendly tax benefits as the Earned Income Tax Credit, and a special computation method is available for those who receive combat pay.
- Low-and moderate-income service members who contribute to an IRA or 401(k)-type retirement plan, such as the federal government’s Thrift Savings Plan, can often claim the saver's credit, also known as the retirement savings contributions credit, on Form 8880.
- Service members stationed abroad have extra time, until June 15, to file a federal income tax return. Those serving in a combat zone have even longer, typically until 180 days after they leave the combat zone.
- Service members may qualify to delay payment of income tax due before or during their period of service. See Publication 3 for details including how to request relief.
(305)310-5517 Contact us for questions regarding your specific tax situationToll Free: (877)365-7263