Tax Tips: The IRS is here to help military members and veterans with their unique tax needs
Members of the U.S. Armed Forces, veterans and their families may qualify for special tax benefits. Whether they have a simple or complex tax situation, the IRS provides information to make filing taxes easier to understand for those sacrificing so much for our country.
Benefits for military members
Some of the tax benefits for service members include:
• Combat pay: This pay is partially or fully tax-free. Service members serving in support of a combat zone or in a qualified hazardous duty area may also qualify for this exclusion.
• Combat zone tax deadline extensions: Qualifying members of the military, such as those who serve in a combat zone or in contingency operations outside the U.S., can get additional time to file and pay their taxes.
• Armed Forces dependency allotments: Assistance programs for dependent care allotments contributed by the government are excludable benefits and not included in the military member's income.
• Earned Income Tax Credit: The EITC is worth up to $7,830 for tax year 2024. Low and moderate income service members who receive nontaxable combat pay can use specific qualifications that may increase the amount of the EITC for which they qualify, meaning they may owe less tax or get a larger refund.
• Moving expenses: Members of the U.S. Armed Forces on active duty may be eligible to deduct unreimbursed relocation expenses if their move was due to a military order and permanent change of station. Also, allowances paid to move members of the U.S. Armed Forces for a permanent change of station aren’t taxable.
For more details on benefits for military members, taxpayers can refer to the Military Family Tax Benefits page on IRS.gov.
... See MoreSee Less
Tax Tips: Many businesses must report beneficial ownership information to Treasury by Jan. 1; free webinar can help
WASHINGTON — The Internal Revenue Service will sponsor a free one-hour webinar designed to help the many businesses that must report their beneficial ownership information to the Treasury Department’s Financial Crimes Enforcement Network.
Because this is not an IRS or tax-related requirement, FinCEN representatives will conduct the webinar on this new anti-money laundering provision. The webinar will take place on Tuesday, Nov. 19, 2025, beginning at 2 p.m. ET.
Many companies created or registered to do business before Jan. 1, 2024, must e-file their initial beneficial ownership information (BOI) to FinCEN by Jan. 1, 2025. In general, this means reporting the names and other information about the people who own or control the company. Exceptions and special rules apply.
During this free webinar, FinCEN will:
• Explain the Corporate Transparency Act.
• Provide Beneficial Ownership reporting resources.
• Analyze the BOI reporting requirement using the Small Entity Compliance Guide.
• Describe what happens if a company does not timely report BOI to FinCEN.
The webinar will also feature a live question-and-answer session. Though primarily aimed at tax professionals, anyone is welcome to attend.
Certificates of completion will be offered, but no continuing education credits are available for this webinar. Closed captioning will also be offered.
Time: 2 p.m. (Eastern); 1 p.m. (Central); 12 p.m. (Arizona and Mountain); 11 a.m. (Pacific); 10 a.m. (Alaska); 9 a.m. (Hawaii and Aleutian) time zones.
Registration: Visit the Internal Revenue Service webinar website. Questions about the webinar can be emailed to cl.sl.web.conference.team@irs.gov.
... See MoreSee Less
