If you or anyone of your family members is military personnel, then you need to be aware of how you need to treat your taxes.
Taxpayers who belong to the military background often deal with unique circumstances. Because of such circumstances, the treatment of your taxes differs from the other taxpayers.
There are many e-resources available for you to understand your tax implications and benefits. Let us take a look at the knowledge resources available on the IRS website that can give you a fair idea about your tax liabilities.
Explore the trending tax updates for current or former military personnel
The IRS website is a vast knowledge hub and carries blogs on many of the trending tax updates. You may visit the link Tax Information for Members of the Military, where you can find helpful information, tax-related resources, and access to a wide variety of tax services. The links can help you get a fair idea about the treatment of taxes for military personnel.
Check your eligibility for military Tax benefits
Being a current or former military personnel brings you some really attractive tax benefits. You can check your eligibility for the same by visiting eligibility for military tax benefits on the IRS website. The tool will help you explore your eligibility for various tax benefits, which you can claim to derive fabulous tax breaks and reduce your liabilities.
Explore the additional tax benefits for personnel posted in combat zones
The IRS provides additional benefits to military personnel posted or fighting in combat zones. If you serve in a combat zone, then you and your family members would be eligible for some extra tax benefits. You can explore all about such benefits by visiting Tax Exclusion for Combat Service tab on the IRS website.
You can also get a chance to increase the amount of your tax return multifold by checking out the special EITC rules. Meanwhile, you may also want to notify the IRS that you are serving in a combat zone. Find out all the rules for such notification by visiting the notifying the IRS by email if they are serving in a combat zone on the IRS website.
Read the Armed Forces Tax Guide
You can explore all about your taxes by reading through the comprehensive Armed Forces Tax Guide. The publication throws light on the various fronts:
- Special tax rules for military personnel in an abroad country and provisions for extension in tax due date.
- Tips on unreimbursed moving expenses
- Reserve component travel expenses
Check out the military volunteer income tax assistance program
You can avail free income tax assistance on any of the military installations. Such military installations provide such a service through the volunteer tax assistance program.
To avail this facility, you should contact your installation’s legal office. The good news is that military veterans can also use these services nationwide on meeting certain income and eligibility criteria.
Let’s wrap up
The exclusive tax benefits and credits for military personnel are different from the other taxpayers. To make the most of your tax returns and earn interesting tax refunds and credits, the MyTaxFiler team suggests you already start the preparation of your next year’s returns.
By going through these resources, you can have a fair idea about your eligibility for various benefits and calculate your payable taxes accordingly. To have a detailed discussion on measures to make the most of your returns, you can contact your MyTaxFiler expert and explore all your options.