Table of Contents.

Description:

When working with a member of the military, there are special tax provisions that tax professionals must be aware of. 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 tax credit (EITC), and be able to provide an overview of tax implications for military pensions and veteran’s benefits.

Military Tax Issues covers:

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

Product Details:

Level: Basic level

Author: NATP Staff

Publisher: NATP

Publication Date: 2018

Format: Electronic

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