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Some special tax benefits have been accorded those in the military. If you are on active duty and you move because of a permanent change of station, you can deduct the reasonable unreimbursed expenses of moving you and members of your household. If you serve in a combat zone as an enlisted person, or as a warrant officer for any part of a month, all of your military pay received for military service that month is non-taxable. If you are an officer the monthly exclusion for combat pay is capped at the highest enlisted pay plus any hostile fire or imminent danger pay received. If you are married and filing a joint return and are unavailable to sign the return due to military duty, a power of attorney may be used to file a joint return. If you are in the reserves you can deduct unreimbursed travel expenses for traveling more than 100 miles from home to perform your reserve duties. Most military installations offer free tax filing and preparation assistance during tax filing season. The above information and more can be found in "Tax Information IRS Publication 3, Armed Forces Tax Guide". You can download this at www.IRS.GOV, or order it by calling 1-800-829-3676. Joe Learn more about Joe DePetris, Jr., and IBO tax return preparation and tax issues at IBO Bookkeeping 101. Find more Tax Tips for IBOs from Joe DePetris, Jr., CPA. This article is provided as an educational resource for your guidance, and is strictly informational. It does not constitute legal, accounting, or other professional counsel. Nothing included herein implies a recommendation by the author, the IBOA International, or Amway in North America, of any course or method of regulatory compliance. Readers and users who intend to take, or refrain from taking, any action based on information contained herein should first consult with their qualified tax advisor, preferably a C.P.A., or appropriate regulatory authorities. |
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