May is National Military Appreciation Month!
The IRS wants you to know about the many tax benefits available to members of the military and their families.
- The Voluntary Income Tax Assistance (VITA) program partners with the military to provide free tax preparation to service members and their families at bases in the USA and around the world.
- If a service member prepares their own return the IRS provides free electronic filing using the IRS Free File program.
- Combat pay is partly or fully tax free.
- Service members stationed abroad have until June 15th to file their federal income tax return. Those serving in a combat zone have even longer to file their returns. They have until 180 days after they leave the combat zone to file.
- Eligible unreimbursed moving expenses are deductible.
- Reservists whose duties take them more than 100 miles from home can deduct their unreimbursed travel expenses even if they don’t itemize their deductions.
- Low and moderate income service members often qualify for additional tax benefits such the Earned Income Tax Credit.
- Low and moderate income service members who contribute to an IRA can often claim the retirement savings contributions credit.
Feel free to call our office to find out more information!
By: Chris Murphy, Senior Accounting Manager