Military personnel and their families may be eligible for special tax benefits. Do you know what they are?
Subsistence allowances paid to ROTC students are not taxable, but active duty pay is taxable. While serving in the U.S. armed forces in a combat zone, pay received can be excluded from income.
Military personnel moving to a new permanent duty station can exclude up to $250,000 of gain on the sale of their main home. Certain moving expenses are also deductible. Extended tax deadlines are granted to those serving in a combat zone or have qualifying service outside a combat zone. Deadlines that may be extended are filing tax returns, paying taxes, and filing claims for refund.
We are here to answer your tax questions. Call, fill out the contact us form, or stop in at any of our five locations today for a conversation oh how we can assist you.
For additional information on casualty and theft loss for taxes, refer to the National Association of Tax Professionals guide.