Frank Ellis reveals the top 10 tips on military income tax breaks in a new and insightful article published in Examiner.com, including those related to deductions and credits or extensions for submitting tax returns.
Sep 25, 2015 — Traverse City Tax Preparation Examiner Frank Ellis has published an article revealing his top 10 tips regarding tax breaks for the military. There are several unique income tax breaks for those in the U.S. Armed Forces. Some people get extra time to submit returns and pay their taxes. In certain cases, specific earnings are not taxed.
The author first covers the option to extend deadlines automatically, especially if one is working in a war zone. People earning a salary for combat are not taxed on this income. These earnings are also not reported on Form W-2. Also, nontaxable combat income can be included in the Earned Income Tax Credit and the earnings continue to be exempt from taxation, Ellis reveals.
In addition, military personnel can deduct their moving expenses under various circumstances. Costs of uniforms can be deductible, especially those not permitted to be worn off duty. These include purchase and maintenance costs.
Frank Ellis talks about the rules for spouses signing joint returns. There are rules for signing on the behalf of a spouse away on military duty. Also mentioned is when power of attorney is needed. The reservists’ travel deduction is mentioned too, while ROTC allowances that are not taxable and the provisions for qualifying here are discussed.
The article also talks about deductions civilians might have after leaving the military. Travel, job placement, and moving expenses can be tax deductible. The author also highlights the free tax preparation and submission services often available on military bases.
A couple of tips on TurboTax software end the article. Benefits such as it picking the right tax forms are mentioned. Ellis also links to a discount coupon code for the software.
For more details on military tax breaks, read the article now posted at http://www.examiner.com/article/top-10-tips-about-tax-breaks-for-the-military.
About Frank Ellis
Frank Ellis is a Traverse City Tax Preparation Planner and published author. He has written tax and finance related articles for eight years and has published over 900 articles on leading financial websites.
Contact Information
Frank Ellis
File My Taxes Online
945 East 8th Street Suite A
Traverse City, Michigan 49686
Website: http://filemytaxesonline.org/