Description
Learn how best to advise your clients on tax strategy and planning as they grow in their military career, retirement, or postservice employment.
Members of the military receive special consideration in the tax code in areas such as gross income calculation, sale of home, and filing requirements. The frequent moves and deployments that many military members and families face results in varying situations from one year to the next. Many members of the military utilize the free tax preparation services offered to them aboard the military installations. Often, the military members do not see the same tax preparer in consecutive years. Understanding the military tax benefits will allow you to create relationships with these military members who will trust you and return to your services year after year. You will be able to advise them on tax strategy and planning as they grow in their military career and into retirement or post service employment.
Date: 2022-09-29 Start Time: 1:00 PM ET End Time: 2:05 PM ET
Learning Objectives
* You will be able to describe the reduced exclusion and home sale for members of the military in connection with the suspended 5 year test.
* You will be able to discuss income that is calculated in gross income for members of the military, including those serving in a combat zone.
* You will be able to explain taxable income, deductions and credits specific to members of the military.
* You will be able to identify tax planning strategies for members of the military preparing to leave the service through end of active service, disability or retirement.