Helpful Tax Guide for Military Families in 2024

Serving in the military comes with its unique set of challenges and sacrifices, and when tax season rolls around, military families deserve every bit of support to navigate through their tax filings efficiently. 

This guide is tailored to shed light on the specific tax benefits, deductions, and tips that can help military families maximize their returns in 2024.

Understanding Your Benefits
First and foremost, it's crucial for military families to understand the tax benefits available to them. Whether you're active duty, a reservist, or a veteran, several tax provisions are designed specifically for you:

Combat Pay Exclusion: 

Active duty members serving in combat zones may exclude their combat pay from taxable income, potentially lowering your tax bill.

Moving Expenses: 

Military families moving due to a permanent change of station can deduct unreimbursed moving expenses, a benefit that's now exclusive to military members following recent tax law changes.

Reservists' Travel Deductions: 

Members of the reserves can deduct unreimbursed travel expenses when traveling more than 100 miles away from home to perform reserve duties.

Special Considerations for Filing

• Filing taxes can be complicated by deployments, changes in station, and other military obligations. Here are a few tips to ease the process:
• Filing Extensions: Military personnel deployed in combat zones are granted an automatic extension to file their tax returns and pay any taxes due.
• State of Residency: Military families often move across state lines, which can complicate state taxes. It's important to understand the tax laws of your state of legal residency.

Maximizing Your Deductions and Credits:

Beyond the military-specific benefits, don't overlook general deductions and credits that can further reduce your tax liability:

Child Tax Credit: 

For families with dependent children, this credit can significantly increase your refund or reduce the amount you owe.

Education Credits: 

Military members or their dependents pursuing higher education may qualify for education credits, such as the American Opportunity Credit or the Lifetime Learning Credit.

Your Next Steps:
Navigating your taxes as a military family doesn't have to be a solo mission. Small Business Tax Solutions is here to support you every step of the way. Our team specializes in military tax benefits and will ensure you're taking advantage of every credit and deduction you're entitled to.

Ready to secure the best possible outcome for your 2024 tax return? 

Schedule a no-obligation consultation with Small Business Tax Solutions today. Visit www.taxsavvyentrepreneurs.org to get started. 

Let's honor your service by maximizing your tax benefits together.