As a service member, the tax implications of combat pay, deployment or multiple moves can be daunting. This tax season you may also have questions related to the COVID-19 pandemic and federal relief efforts. Military OneSource MilTax services – designed specifically for the MilLife – can make tax time easier ‒ and help maximize your tax refund.
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.
The coronavirus disease 2019 pandemic led to some temporary changes in tax laws. These come on the heels of major tax reform – the Tax Cuts and Jobs Act. Learn how you can take steps now to maximize your benefits and protect against an unexpected tax bill or penalty next year.
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.
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.
Many military families end up owning rental properties, which can bring special tax challenges. Here’s what you need to know to understand the potential tax impact of your rental property.