Sean Quigley serves active-duty military personnel as well as veterans in Pensacola, FL.
Military members are entitled to special tax benefits. These include non-taxable incentive pay, exempt combat pay, and other special tax provisions.
Many active duty and retired military have investment houses that they rent out for extra income. They often buy a home where they are stationed, then when they get their new orders, rent it out instead of selling. It’s common for active-duty military to have several income producing properties, which is great! Unfortunately, this can create extra complexity when filing your tax returns. Sean Quigley is an expert at structuring and handling tax complexities.
Call today and schedule your consultative meeting.
Certain tax deductions apply specifically to military personnel. One is the Combat Zone Exclusion, under which the military men and women are granted a maximum income tax exclusion of the Sergeant Major’s salary when they are deployed to a combat zone. Since the IRS determines which areas of the world are combat areas, it is important to have an accountant who specializes in military federal taxes on your side to tell you what your earnings will be.
Pay that is exempt from federal taxation consists of:
The spouses of military personnel have the option to pay either their home state’s taxes or the state’s taxes in which they are currently living. The savings may be substantial if their home state has a lower or no income tax rate.
Some typical deductions for service members are: