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Description:

This book is for preparing 2022 taxes. When working with a member of the military, there are special tax provisions of which tax professionals must be aware. This textbook will familiarize you with these provisions, such as income that is excludable for tax purposes as well as deductions they are entitled to. You will also identify scenarios when it would be beneficial to include their nontaxable income for the earned income credit (EIC) and be able to provide an overview of tax implications for military pensions and veteran benefits on the Form 1040.

View Table of Contents.

Topics include:

• Identifying military pay that can be excluded from income
• Determining adjustments available to military personnel
• Predicting if nontaxable combat pay should be included in earned income for EIC purposes
• Recognizing special provisions related to excluding gain from the sale of a principle residence or foreclosures
• Identifying and apply for forgiveness of a decedent’s tax liability
• Determining the deadlines applicable to military personnel
• Calculating the taxation of military pensions and veteran’s benefits

Product Details:

Item Number: 22326

Level: Basic

Authors: NATP Staff

Published: 2022

Format: Print - 54 Pages

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Corresponding CPE Courses:

Get the e-book FREE when you purchase the corresponding 2022 course when available.