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Call to arms: 10 military tax breaks

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in Centerpiece,Small Business Tax

militaryAmerica owes a huge debt of gratitude to members of the military and veterans who have served the country both here and overseas.

Alert: The tax law offers special tax benefits to active duty personnel, reservists and vets. Here’s a brief summary of 10 top tax benefits for those in the military sector.

1.  Tax filing extensions: If you are performing military or naval services outside the United States and Puerto Rico on the usual tax return due date of April 15, you’re granted an automatic two-month extension to June 15 to file your income tax return. This is a filing extension, not an extension of time to pay tax.

2.  Signing tax returns: Normally, if a joint income tax return is filed, both spouses are required to sign the return. However, if one spouse is unavailable due to military obligations, the signature of the other spouse may suffice.

3.  Combat pay exclusion: Active duty personnel in a combat zone can exclude mil...(register to read more)

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