There are some tax breaks for vets which you might not be aware of. For example, if you are a disabled vet and you receive disability benefits from the VA, those payments do not count as taxable income. You don’t need to include those payments in your gross income. There are some vets who may not need to file taxes at all. If you are in doubt or if you have any questions, please call Rozier today for clarification. We are here to help!
If you are currently enlisted in the military, you pay no taxes on your combat pay. This applies to all military members as well as warrant officers and commissioned warrant officers. If you are a commissioned officer, however, your tax exclusion is restricted to the highest rate of enlisted pay.
If you have had to move due to relocation, unreimbursed moving costs can be deducted partially on Form 3903 (Moving Expenses). Beginning in 2018, the moving expense deduction is strictly limited to military members. In order to qualify for it, you must have moved within one year from the time when your active duty ended. The moving expense deduction is what is known as an “above the line” deduction, not an itemized one.
Once more, if you have any questions about your taxes, please call us today. If you have ever served in the military, we thank you for your service! On behalf of all of us here at Rozier, we wish you a happy and prosperous 2019!