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Tax Deduction Consulting: Military Tax Deduction Wilmington DE

The reduction in income is claimed on IRS Form 2106 or Form 2106EZ and the appropriate amount in entered on the proper line on your Form 1040. If you do have legitimate expenses that exceed the allowable limits of the Federal Per Diem or Standard Mileage Allowance, they must be claimed as regular itemized deductions on your tax return.

Bill Curry
1521 Concord Pike
Wilmington, DE
Company
Company: Curry Poole Group, LLC
Type
Investment Advisor Rep: Yes
Registered Investor: Yes
Education
BS
MBA
JD
Years Experience
Years Experience: 42
Service
Pension for Highly Compensated Owners,Stock Market Alternative,Reverse Mortgage,Medicare Planning,Annuities,Alternative Asset Class Planning,Investment Consulting & Allocation Design,Insurance & Risk Management Planning,Retirement Income Distribution Planning,Education Funding & Financial Aid Planning,Hourly Financial Planning Engagements,Portfolio Engineering,Mortgage Refinancing,IRA, 401k, Roth IRA, QDRO Rollovers,CD Alternative,Alternative Investments,Life Insurance,Investment & Portfolio Man

Data Provided by:
Keith Al-Chokhachy, Certified Financial Planner(tm)
2751 Centerville Road
Wilmington, DE
Company
Title: Certified Financial Planner"
Company: Morgan Stanley Smith Barney
Years Experience
Years Experience: 8
Service
Captive Insurance,Life Settlements,Pension for Highly Compensated Owners,Stock Market Alternative,Wealth Management,Health Care Insurance,Retirement Planning,Real Estate Investment Planning,Commission-Only Financial Planning (Full Disclosure),Insurance & Risk Management Planning,Retirement Income Distribution Planning,Education Funding & Financial Aid Planning,Hourly Financial Planning Engagements,Fee Only Portfolio Management,Wealth Engineering,Mortgage Refinancing,IRA, 401k, Roth IRA, QDRO Rol

Data Provided by:
Delaware Taxes Today
(302) 888-1976
712 N Market St
Wilmington, DE
 
Colbert Ball Tax Ser
(302) 543-4631
800 Vandever Ave
Wilmington, DE
 
Greenbank Tax Service
(302) 995-0923
210 W Market St
Wilmington, DE
 
Frank M. Levy (RFC®), CHFC, CLU
(302) 765-3500
205 Philadelphia Pike
Wilmington, DE
Company
Diversified Financial Consultants
Qualifications
Years of Experience: 34
Membership
IARFC, MDRT
Services
Invoice, Estate Planning, Business Planning, Pension Planning, Executive Compensation Planning, personal Coach, Retirement Planning, Tax Planning, Employee Benefits, Stocks and Bonds, Mutual Funds, Annuities, Life Insurance, Disability Income Insurance, Long Term Care Insurance, Group Insurance, Charitable Planning, Education Plan, Asset Protection, Compensation Plans

Data Provided by:
Joan L. Sharp (RFC®), CFP, CHFC, MSFS
(302) 324-5363
42 Reads Way
New Castle, DE
Company
Life Strategies, LLC
Qualifications
Education: BAMSFS
Years of Experience: 8
Membership
IARFC, FPA, SFSP
Services
Invoice, Estate Planning, Retirement Planning, Tax Planning, Charitable Planning, Asset Protection, Compensation Plans

Data Provided by:
Fast Tax Delaware
(302) 427-2844
725 N Market St
Wilmington, DE
 
Delaware Taxes Today
(302) 654-4848
712 N Market St
Wilmington, DE
 
H&R Block
(302) 656-7212
106 S UNION ST
WILMINGTON, DE

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Tax Deduction Consulting: Military Tax Deduction

Military Tax Deduction

There is a special provision for members of the National Guard or Reservists who incur travel expenses that are not reimbursed. This military tax deduction is a reduction of income rather than an itemized deduction.

If you are a member of the National Guard or a Reservist and incur some un-reimbursed travel expenses as a result of your service, you have a way to take this as a reduction of income rather than an itemized deduction on Form 1040, Schedule A. The travel must be overnight and more than 100 miles from your home. The purpose must be a drill or meeting. The expenses must be ordinary and also necessary. If these conditions are met, you can claim this special military tax deduction.

The amount of the military tax deduction, or reduction in income, will be limited to the regular Federal Per Diem payment which covers lodging, meals, and incidental expenses. It also includes the Standard Mileage Allowance, for use of your personal automobile, plus and parking, ferry fees, or tolls.

The reduction in income is claimed on IRS Form 2106 or Form 2106EZ and the appropriate amount in entered on the proper line on your Form 1040. If you do have legitimate expenses that exceed the allowable limits of the Federal Per Diem or Standard Mileage Allowance, they must be claimed as regular itemized deductions on your tax return.

There are certain other military tax deductions that are allowed. Since military uniforms can be generally worn off duty, the upkeep is not deductible. If the uniform, due to military regulations, can not be worn off duty, the upkeep is deductible to the degree it exceeds the military uniform allowance. This applies also to certain kinds of educational expenses. When the educational expense is incurred for an activity that is required or substantially increases your qualifications for your position or a new related position, the expenses that exceed your allowance are deductible.

Normally, the military service is ...

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