Many military spouses – and even some service members – have started a business or side job in today’s gig economy. Being your own employer means responsibility for additional taxes and tax reporting.
Special Tax Considerations
Tax preparation for the service member is often more complex than that of a civilian because of the implications of deployments, combat and training pay, housing and rentals, and multi-state filing. Major life changes like death or starting college also affect income and assets. Understand how special circumstances determine your taxes.
Deployed service members are expected to file their taxes. Fortunately, the Internal Revenue Service realizes service members and their families face unique circumstances and offers tools — and some special extensions — to make tax filing easier.
Take advantage of tax savings if you are pursuing higher education. If you are a student or parent with an eye toward maximizing your tax deductions, make sure to connect with MilTax , Military OneSource tax services.
Moving from place to place requires a lot of effort and changes. Two laws make it easier for military spouses regarding their residency, voting and state taxes.
When major changes happen that affect your income or your assets — such as the death of a family member or the pending start of college — the last thing you want to consider is taxes.