Military Tax Services Key West
Military Tax Services in Key West
Robert Clark, Individual and Small Business Accountant, also serves active-duty military individuals as well as veterans in Key West, FL. Due to my time in the military I'm aware of the unique challenges our service members can face. I'm an Army man through-and-through, but I love sitting down with the sailors and coasties here in Key West and swapping stories.
There are a few tax deductions offered specifically to the military. One of these is the Combat Zone Exclusion. Due to the restrictions of the U.S. Armed Forces, the military men and women's income tax exclusion is capped at a Sergeant Major's income if a member is deployed to a combat zone that month. Since the IRS decides what area of the world are combat zones, it is important to have a specialized accountant on your side to tell you the benefits and wages of the military federal taxes.
Other types of pay excluded from federal taxation are:
- Housing Allowance
- Moving Allowances
- Per-diem Travel Allowances
- Disability Compensation
- SGLI (Service Members Group Life Insurance)
- Family Separation Pay
Military spouses can choose to be taxed by their home state or the state their currently living in. This can lead to substantial savings if their home state has a lower tax rate or no income tax at all.
Some common deductions service members get are:
- Travel Deductions
- Uniform Deductions
- Waived Penalties
Contact Robert Clark Certified Public Accountant today for a military discount on all accounting services in Key West.