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Tax breaks for military family

3/31/2013

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There are some special tax breaks for members of the military and their families. If you're in this group, here are some tips:

Moving expenses. Service members who are on active duty and move because of a permanent change of station can deduct the reasonable unreimbursed expenses of moving.

Combat pay. Enlisted persons and warrant officers who serve in a combat zone for any part of a month can exclude all military pay for that month from their income. Officers also can exclude a limited amount of pay.

Joint returns. Spouses who are not available to sign a joint income-tax return due to military duty may use a power of attorney or IRS Form 2848 to file the return.

During the transition to civilian life, you may be able to deduct certain job search and/or moving expenses. You should also remember to meet with your financial professional to make sure you have adequate insurance coverage.

FINRA Reference #FR2012-1030-0152/E 02/04/13

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    Larry Brasel, Financial Advisor, Dallas, TX

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