Military Members Tax Tips and Deductions You Can’t Ignore

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Thanks to Military – an online service supporting military families with relocation, travel, and lifestyle needs – compiled the following tax tips.

Tips for Military Members

A video of tax tips if you’re down range or overseas. When it comes to paying taxes, for example, military members can claim a host of tax advantages that aren’t available to civilians.

Courtesy of USAA – 13 tax deductions you can’t ignore – such as traditional IRA contributions, self-employed retirement plans, mortgage interest and sales tax.

Combat Tax Freedom

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 income received during that time is exempt from federal taxes. For officers, the monthly exclusion is capped at the highest rate of enlisted pay. More details on tax-free pay.

State Tax Flexibility for Spouses

Under the Military Spouse Residency Relief Act, military spouses can choose to be treated as if they still lived in their previous state. That could generate big savings if their previous state has lower tax rates — or no income tax at all.

Filing Your Taxes Remotely

Generally, joint returns must be signed by both spouses. However, if your duties keep you away from home, your spouse can use a power of attorney to file a joint return on your behalf.

Online Tax Assistance

For complete details, download IRS Publication 3, Armed Forces’ Tax Guide, which summarizes many important military-related tax topics. Publication 3 may also be ordered by calling 1-800-TAX-FORM (800-829-3676).

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