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.
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.
Service members who move due to a permanent-change-of-station move may be eligible to deduct some of their unreimbursed moving expenses from their federal income tax returns. Most moving costs are covered by military allowances, so you’ll want to save your receipts and log your expenses to calculate any possible deduction at the end of the tax year.
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.
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.
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.
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.
If your service member has recently entered the military, you may now lose the ability to claim them as a dependent. On top of that, this may be the first time your loved one has ever had to file a tax return.
If you can’t file your federal tax return by this year’s deadline, then consider filing for an extension. Doing so is more common than you may think.
Getting a tax refund may seem like free money, but it’s not. It’s money you worked hard for and are entitled to get back from the government. As you decide what to do with your refund ─ whether you are looking to help secure you financial future or otherwise ─ consider these options.
With the breadth of information publicly available on Military OneSource, you may wonder why you need a Military OneSource account, how to update your password or who to contact if you need help troubleshooting your account. Behind the Military OneSource login, you get access to many tools and additional content.
Military OneSource provides service members and their families with free, easy access to a suite of tax services, including easy-to-use tax preparation and e-filing software designed to address military-specific situations, and information and resources on a variety of tax-related topics.
MilTax is a suite of free tax services for the military from the Defense Department that includes easy-to-use tax preparation and e-filing software, personalized support from tax consultants and current information about filing taxes.
The secure and confidential MilTax e-filing software is provided by the DOD. It walks you through a series of questions to help you accurately complete your tax return. MilTax is tailored to military life – so you get all the tax deductions and credits you qualify for.
Service members and families have access to resources to save money, manage expenses and protect your finances. Learn about military pay, benefits and more.