Tax Benefits for Members of the Armed Forces, What You Need to Know, Former IRS

by Fresh Start Tax | Jul 29, 2014 | Tax Help

Special Tax Benefits for Members of the Armed Forces

Special tax benefits apply to members of the U. S. Armed Forces. For example, some types of pay are not taxable. And special rules may apply to some tax deductions, credits and deadlines.

Here are those benefits:

1. Deadline Extensions.

Some members of the military, such as those who serve in a combat zone, can postpone some tax deadlines. If this applies to you, you can get automatic extensions of time to file your tax return and to pay your taxes.

2. Combat Pay Exclusion.

If you serve in a combat zone, certain combat pay you get is not taxable.

You won’t need to show the pay on your tax return because combat pay isn’t included in the wages reported on your Form W-2, Wage and Tax Statement. Service in support of a combat zone may qualify for this exclusion.

3. Earned Income Tax Credit.

If you get nontaxable combat pay, you may choose to include it to figure your EITC. You would make this choice if it increases your credit.

Even if you do, the combat pay stays nontaxable.

4. Moving Expense Deduction.

You may be able to deduct some of your unreimbursed moving costs.

This applies if the move is due to a permanent change of station,

5. Uniform Deduction.

You can deduct the costs of certain uniforms that regulations prohibit you from wearing while off duty.

This includes the costs of purchase and upkeep. You must reduce your deduction by any allowance you get for these costs.

6. Signing Joint Returns.

Both spouses normally must sign a joint income tax return. If your spouse is absent due to certain military duty or conditions, you may be able to sign for your spouse.

In other cases when your spouse is absent, you may need a power of attorney to file a joint return.

7. Reservists’ Travel Deduction.

If you’re a member of the U.S. Armed Forces Reserves, you may deduct certain costs of travel on your tax return.

This applies to the unreimbursed costs of travel to perform your reserve duties that are more than 100 miles away from home.

8. Nontaxable ROTC Allowances.

Active duty ROTC pay, such as pay for summer advanced camp, is taxable.

But some amounts paid to ROTC students in advanced training are not taxable.

This applies to educational and subsistence allowances.

9. Civilian Life.

If you leave the military and look for work, you may be able to deduct some job hunting expenses. You may be able to include the costs of travel, preparing a resume and job placement agency fees.

Moving expenses may also qualify for a tax deduction.

10. Tax Help.

Most military bases offer free tax preparation and filing assistance during the tax filing season.

IRS Transcripts – How to Get a Free Tax Transcripts

by Fresh Start Tax | Jul 29, 2014 | Tax Help

Request a Transcript or Copy of a Prior Year Tax Return

You may need copies of your filed tax returns for many reasons. For example, they can help you prepare future tax returns.

You’ll need them if you have to amend a prior year tax return.

You often need them when you apply for a loan to buy a home or to start a business. You may need them if you apply for student aid. If you can’t find your copies, the IRS can give you a transcript of the information you need, or a copy of your tax return.

Here’s how to get your federal tax return information from the IRS:

• • Transcripts are free and you can get them for the current year and the past three years. In most cases, a transcript includes the tax information you need.

• • A tax return transcript shows most line items from the tax return that you filed. It also includes items from any accompanying forms and schedules that you filed. It doesn’t reflect any changes you or the IRS made after you filed your original return.

• • A tax account transcript includes your marital status, the type of return you filed, your adjusted gross income and taxable income. It does include any changes that you or the IRS made to your tax return after you filed it.

• • You can get your free transcripts immediately online. You can also get them by phone, by mail or by fax within five to 10 days from the time IRS receives your request.

• – To view and print your transcripts online, go to IRS.gov and use the Get Transcript tool.

• – To order by phone, call 800-908-9946 and follow the prompts.

You can also request your transcript using your smartphone with the IRS2Go mobile phone app.
– To request an individual tax return transcript by mail or fax, complete Form 4506T-EZ, Short Form Request for Individual Tax Return Transcript. Businesses and individuals who need a tax account transcript should use Form 4506-T, Request for Transcript of Tax Return.

• • If you need a copy of your filed and processed tax return, it will cost $50 for each tax year. You should complete Form 4506, Request for Copy of Tax Return, to make the request. Mail it to the IRS address listed on the form for your area.

Copies are generally available for the current year and past six years. You should allow 75 days for delivery.

• • If you live in a federally declared disaster area, you can get a free copy of your tax return. Visit IRS.gov for more disaster relief information.

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by Fresh Start Tax | Jul 28, 2014 | Tax Help

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