For Military Appreciation Month, not only do we take a moment on Memorial Day to honor the brave men and women who gave the ultimate sacrifice for our country, but we also thank those currently serving in the Armed Forces.
Did you know that as a member of the US Armed Forces, you are allowed special tax considerations for a variety of items and rules? Here are a few examples:
If you are currently serving overseas, you have until June 15 to file your 2017 tax return and pay any taxes you owe. If you still need to file, Tax Pros can help you from overseas or work with a military member’s spouse or with power of attorney to file the return regardless of where located.
More tax code considerations
You may also qualify for other military-friendly measures, such as:
- Certain nontaxable allowances
- Moving expenses
- Combat pay exclusions
- Extended period for the exclusion of gain from a home sale
- Overnight-travel expenses for National Guard and Reserve members
- Special rules around state income taxes.
If you have any questions about parts of the tax code that are specific to members of the US Armed Forces, a tax professional can answer all of your questions.