MEDIA ALERT — Wolters Kluwer Tax & Accounting looks at tax provisions available for members of the military and their families
b'Wolters Kluwer Tax & Accounting:\nWhat: While we often think of the US Tax Code when our taxes are due, it has several tax provisions intended to help current and former members of the military and their families.\nWhy: Members of the military not only face dangers in their daily duties, they also sacrifice through separation from their loved ones.
- b'Wolters Kluwer Tax & Accounting:\nWhat: While we often think of the US Tax Code when our taxes are due, it has several tax provisions intended to help current and former members of the military and their families.\nWhy: Members of the military not only face dangers in their daily duties, they also sacrifice through separation from their loved ones.
- Over the years, the US Tax Code has seen several provisions added to help assist servicemen and servicewomen as well as their families by addressing a variety of issues.\nAll pay received for any month during any part of which the member served in a combat zone or is hospitalized as a result of wounds, disease, or injury incurred while serving in a combat zone is excludable from taxable income\nThe excluded combat pay may still be counted as income for the Earned Income Tax Credit, the Child Tax Credit, and for IRA contributions\nWho: Tax expert Mark Luscombe, JD, LL.M, CPA, Principal Federal Tax Analyst at Wolters Kluwer Tax & Accounting , can help discuss the tax breaks available to military personnel and their families.\nPLEASE NOTE: The content of this article is designed to provide accurate and authoritative information in regard to the subject matter covered.
- The information is provided with the understanding that Wolters Kluwer Tax & Accounting is not engaged in rendering legal, accounting, or other professional services.\nContact: To arrange an interview with Mark Luscombe or other federal and state tax experts from Wolters Kluwer Tax & Accounting on this or any other tax-related topics, please contact Bart Lipinski.\nView source version on businesswire.com: https://www.businesswire.com/news/home/20210520005181/en/\n'