The Military Family Tax Relief Act
The Center would like to remind those who themselves are in the military or are friends and family of can take advantage of the Military Family Tax Relief Act.
Amid the highlights are:
Death Benefits are increased to $12,000 and are not taxable.
The Sale of Principal Residence is not taxable if they lived in the residence for otherwise 2 of the last 15 years.
Travel expenses for over 100 miles to get to their National Guard post are deductible as an above the line deduction.
Dependent Care is excludible from income, which is even better than a credit.
There is no 10% tax on using a Qualified Tuition Program for non-qualified expenses to attend a military academy in the United States does not apply.
Our thoughts and prayers go out to those in the military and in potential harm’s way. May they stay safe and secure.