Did you know that we deliver tax preparation services for military and public service members?
This year’s edition, geared to the 2022 return, is posted on IRS.gov. Below are some of the available tax benefits. Did I mention that we specializes in tax preparation and bookkeeping services for military and public service members?
· Combat pay is partly or fully tax-free.
· Reservists whose reserve-related duties take them more than 100 miles from home can deduct their un-reimbursed travel expenses on Form 2106 or Form 2106-E-Z, even if they don’t itemize their income tax deductions.
· Eligible un-reimbursed moving expenses are deductible expenses on Form 3903.
· Low-and moderate-income service members often qualify for such family-friendly tax benefits as the Earned Income Tax Credit, and a special computation method is available for those who receive combat pay.
· Low-and moderate-income service members who contribute to an IRA or 401(k)-type retirement plan, such as the federal government’s Thrift Savings Plan, can often claim the saver's credit, also known as the retirement plan savings contributions credit, on Form 8880.
· Service members stationed abroad have extra time, until June 15, to file a federal income tax return. Those serving in a combat zone have even longer, typically until 180 days after they leave the combat zone.
· Service members may qualify to delay payment of income tax due before or during their period of service. See Publication 3 for details including how to request tax relief.
Service members who prepare their own return qualify to electronically file their federal return for free using IRS Free online income taxes File.
In addition, the IRS partners with the military through the Volunteer Income Tax Assistance program to provide free tax preparation to service members and their families at bases in the United States and around the world.
A tax preparer plays a crucial role in helping individuals and businesses navigate the complexities of the tax system. Here are several benefits that a tax preparer provides:
It's important to choose a qualified and reputable tax preparer. Look for certified professionals, such as Certified Public Accountants (CPAs) or Enrolled Agents (EAs), who adhere to professional standards and ethics. By utilizing the expertise of a tax preparer, individuals and businesses can navigate the complexities of the tax system with confidence, ensure compliance, and potentially save money through optimized tax planning and deductions.
If you know of any Military or public service members needing help with getting the most out of the income tax deductions available to them, please let them know it would be an honor to help them.
At Horne Financial Services we specialize in tax preparation and bookkeeping services for military and other public service members.
Stephanie Horne is an experienced bookkeeper and Enrolled Agent. She is the owner and founder of Horne Financial Services in Rohnert Park, California along with this website and has over 20 years of in person, virtual and outsourced bookkeeping/accounting and tax preparation experience with businesses of all sizes.
Her love and passion is to work individually with business owners and families to help alleviate any financial stress or concerns by helping them to understand and have better control of their income, deductible expenses, cash flow, and tax liabilities.