The Internal Revenue Service has tax benefits for military families with and without children due to their special circumstances. As such if you are from a military family, you should know about the tax exemptions and deductions you are entitled to and pay only the required amount. If you are not sure about these tax breaks, you can contact a professional tax preparation company like EB TAX CONSULTANTS in Brooklyn NY who will guide you through the entire process.
Different Tax Breaks For Military Families with and without children
You can use the services of these tax preparers from EB TAX CONSULTANTS who know exactly how much you have to pay if you have any military personnel in your family. They will not only help you sort out these exemptions but will also file your returns in time for you. Some of the tax breaks for military families with wand without children include:
Moving expenses
If you have been shifted to another location due to your active military services, you can include the moving expenses as a deduction in your tax return. But make sure these moving expenses have not been reimbursed or else they cannot be included.
Combat pay
If any military personnel member in your family has served in a combat zone for some part of the month, whatever income he earns from this is not taxed. Officers can get their highest enlisted pay tax-free and also get exemptions for any imminent danger costs. You can also include this income as earned income in your tax return to avail the earned income tax credit. Your tax preparer in Brooklyn, NY will help you understand the same.
Adoption credit
If you have adopted a child, you are given a special adoption tax credit that is generally $11,390 and covers expenses of the adoption agency fees, payments to the attorneys, any travelling costs and any other costs related to the adoption of the child. This is also available for any adopted children with special needs.
Child and dependent care credit
The Child and dependent care credit is available for military families with children where you get a special credit for looking after children and claiming them as dependents. This significantly reduces the amount you owe on taxes and you this is even available for a disabled person who you have claimed as a dependent. For more information on this credit, you can contact a qualified tax preparer in Brooklyn, NY who can help you out.
Reserve duty travels
If you have travelled away from your home to perform reserve duties, you can include these travel expenses as a deduction. However, make sure these have not been reimbursed or the Internal Revenue Service will not count it as an exemption. Your tax preparer in Brooklyn, NY can help you out with the same.
Civilian life costs
If a military personnel member in your family has retired from active duty and is looking for a new job, he or she can include any costs associated with finding a new job as a deduction. Your tax preparer in Brooklyn, NY will tell you what all you can include in these costs like moving expenses, agency fees and resume preparation etc.
Joint returns
It is mostly necessary for both spouses to sign the tax returns if you are married, but if your partner is on active duty, you can file a joint return using a power of attorney. Contact tax preparers in Brooklyn, NY to help you out with the same.
Tax deadlines
Don’t sweat it if you are not going to make the deadline for your tax return. As a military member who is on active duty, you and your family get an extra six months to file your tax returns or to get your tax refunds. You can take the help of tax preparers in Brooklyn, NY when you return from active duty to help you fill out your tax return forms.
If you are a military family with children in college, you must have taken quite a heft loan to pay the expensive college fees and tuitions. But all active military service members can include the interest incurred on these loans as a deduction.
You can also take the help of tax preparers in Brooklyn, NY to help you avail the Hope Credit that offers a certain tax amount for the first two years of your child’s college education. The tax prepare can also help you file for the Lifetime Learning Credit where you get a tax credit for the courses your child takes beyond these two years of college.
Therefore military families with and without children are given a number of tax breaks and it is important to have a qualified tax professional from EB TAX CONSULTANTS to help you understand the same. This ensures that you pay only what is required.
You can click on the profile below of EB TAX CONSULTANTS and talk to a tax preparer to help you get all these exemptions and breaks and file your returns properly.
ERNIE BUSTAMANTE