Don't miss out on benefits, deductions, and extensions you may have as a military member.
Ryan Guina is a veteran, small business owner, and writer over at The Military Wallet, a personal finance site for military members. I asked him if he had any advice and resources to share for the upcoming tax season and he came up big. He's collected everything he's got and summarized them here for you, along with the direct link for more information if it applies to you. Read on for:
- Tax Filing Prep
- Reporting Health Insurance Coverage under the Affordable Care Act
- Travel Deductions and Expenses for National Guard and Reserves
- Deployment Tax Benefits
- Combat Pay Rules
- Tax Deadline Extensions
General Tax Filing Information for Military
Free Tax Filing and Preparation for Military Members
- Many military members are eligible for free tax filing services, either through free software from MilitaryOneSource or other software discounts, or through the Volunteer Income Tax Assistance (VITA) program offered on many bases.
Reporting Health Insurance Coverage on Your Taxes
- The Affordable Care Act now requires tax filers to report their health care coverage when they file their taxes. This article shows how and where to get this information.
How to Deduct Travel Expenses for National Guard and Reserves
- Members of the Guard and Reserves are able to deduct certain travel expenses if they live more than 100 miles from their unit. Expenses can be deducted if they are not reimbursed by the unit, and include mileage, lodging, and half the cost of meals.
Deployments & Taxes
Tax Benefits of Deployment - Combat Pay, Tax Filing Extensions, and Much More
- Military members are eligible for a variety of tax benefits when they deploy. This includes excluded pay, accumulated leave days in a combat zone, and tax-exempt TSP contributions. This article is a general overview of these benefits.
Tax Free Military Combat Pay Rules
- A combat zone is an area designated by the U.S. President by Executive Order as an area in which U.S. Armed Forces are engaging in or have engaged in combat. Many deployed military members are eligible for tax-exempt Combat Pay, Hazardous Fire Pay, and other benefits.
Deployed Military Tax Deadline Extensions - IRS Rules & Regs
- Military members can receive a free tax deadline extension while they are deployed, allowing them to focus on the mission at hand, without worrying about filing their taxes. Though it isn't required, it is a good idea to send in extension paperwork before the tax deadline so your return doesn't get flagged.
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About the author
Ryan Guina served 6.5 years in the USAF and now runs The Military Wallet and another personal finance website, Cash Money Life.The Military Wallet has been featured in US News & World Report, Yahoo! Finance, and Military.com. You can find him around the web at, Ryan Guina on Twitter, The Military Wallet on Twitter, and on Google.