Are GI Benefits Considered Income on Your Tax Return?
If you're a service member or a veteran with an honorable discharge, the bill may provide funding to handle some or most of the costs of college. The benefits can add up to thousands of dollars, but they're not taxable, and you do not have to report them as income on your individual income tax return. Read more…
At Ease Soldier: Extensions for Military Personnel
One of the most important tax advantages for military personnel is the filing extension available to soldiers who are on active duty overseas. The extension allows the soldier and his family some flexibility in filing and paying taxes during active service. Read more…
Filing IRS Form 1116 to Claim the Foreign Tax Credit
To avoid making expatriates, military personnel stationed abroad and international mutual fund investors pay taxes to two countries, the Internal Revenue Service gives them a choice: They can deduct their foreign taxes on Schedule A, like other common deductions, or they can use Form 1116 for a tax credit and subtract the taxes they paid to another country from whatever they owe the IRS. Read more…
Video: Tax Tips for Veterans
As a military veteran, you must also file taxes. But you can take advantage of several benefits the government has made available. Watch this video to see what you may be eligible to receive. Read more…
Military Personnel Tax Tips
Those who serve in the U.S. armed forces are honored with a number of benefits, ranging from education assistance to retirement. Among the perks are a number of steps to make filing federal income tax returns easier, as well. Read more…
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