If you serve in the military, then you’ll be glad to know
that the IRS rewards your service with many excellent tax breaks, which can
help you to save a lot of money! Here are just a few of many tax breaks that
may make a positive difference in your life.
The Residency-Based Tax Break
To start off with, one nice thing is that, if you declare
residency in one state, and then, due to your military service, get transferred
to another, you can keep your residency if you prefer. This can really come in
handy if you had residency in a tax-free state and get transferred to a non
tax-free state. This really nice benefit extends not just to service members,
but to their spouses as well, so it’s definitely worth taking advantage of!
The Moving Expenses Tax Break
One unfortunate part of being in the military is that you
often have to pick up and move at a moment’s notice. If that does happen to
you, though, you can deduct your moving expenses from your taxes. That includes
any and all costs incurred as a result of the move, such as the cost of a
moving truck or even what you paid for boxes to pack your stuff in!
Uniform Costs Deductions
In the military, you have to wear a uniform for most jobs.
Well, if those uniforms aren’t going to be worn anywhere else, you can deduct
their cost from your taxes! You can also deduct any costs related to cleaning
them, replacing them, repairing them, and other relevant costs, so keep track
of any and all spending related to your work uniforms.
These are really just a few of many deductions you can enjoy
as a military member, so take full advantage of them and be sure to ask your
accountant about other deductions that may apply.
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