Information about the Special Tax Benefits for Armed Forces
There are different types of duties which are faced by the military men and their families. The expenses and the special tax benefits for armed forces are different too off course. Many of the families do not know that they can get the special tax benefits for armed forces which is why here are some of the quick and ones which you need to know. As being a part of army, you can take advantage of these benefits to live a good lifestyle.
Expense of Moving
You can get the reimbursement of the moving expenses if you are a person who is active on the military services. There are duties of the military men out of station and if you have to move with the family then you are able to claim it.
Combat Zone Pay
The income which get when you are in the duty of the combat or the warrant officer will not be taxable. The payment of that certain month will be free of taxes. It will be considered as a high pay for the officer who has served as the combat zone within the services.
You can include the combat pay as the earned income tax credits when you are filing the taxes. This way you will be able to get the taxes return higher than the previous year. Take benefit over the combat zone payment and use it for the EITC.
You are able to apply for the 401K plan which is the savings for your retirement time. You can claim the taxes over that as being in the armed services with the thrift saving plan. The contribution credit for retirement is there for you to avail as being in the army.
If you were not able to file the taxes on time then there is an extension for you. You can call the IRS and they will provide you the leniency over the basis of proof that you are in the army services. You do not have to worry about the penalties since it is an exemption from the IRS.
Cost of Uniform
You are able to get the reimbursement for the uniforms which you want to wear off duty but army does not let you. You have to cut down over the expenses and cut the cost for the uniform while taxes return.
Joint Tax Returns
If you are married then itis better to file the taxes jointly. There is nothing better than that because it simple increases your benefits. If one of the spouse is not there due to the military reasons, the other can sign the form instead of them for the filing. If you need help, you can always contact a tax preparer to help you out in the joint filing as it is different from others filing the taxes who are not married.
If you have to travel as a member of army then you are able to cut the cost for traveling. The traveling should be more than 100 miles for you to deduct the cost over the returns of taxes.
Students of with ROTC
The students who take participation in the ROTC program are able eligible for the services by army. There are trainings which get held with the taxable on each side with receiving payments when the semester ends. The training programs are not considered as the taxable payments for the people who have joined army.
Ending of Army Life
When you want to quit the armed forces, there are still benefits which are related to your quitting. You are able to get the deductions of the costs which are associated with the job you are looking for.
The expenses which are there such as the fees and the agencies deductibles with having close relation to the location of the job. There are some of the tests which you have to clear to get this benefit but most of the people are able to qualify. If you are not sure of the services then it is better to contact the tax preparer who will be able to extract out the best information for you.