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Military tax tips

Veterans Day this year is particularly poignant due to the tragedy at Fort Hood.

Please keep those who lost family and friends at the Texas base in your thoughts today, along with all our veterans who have served the United States.

Tax tips for our troops: While taxes are far down the list of concerns for members of the military, these men and women face the same tax responsibility as do all U.S. citizens.

 However, our troops do get some special tax considerations.

The latest tax break for our servicemen and women comes in the recently enacted measure that continues and expands the first-time home buyer tax credit.

Under the new law, service personnel who are on extended overseas duty or who have been on active duty for more than 90 days in 2008 and 2009 have until June 30, 2011, to use the credit.

Members of the military also won't have to repay the credit if they must sell a home because they are  deployed to another location within three years of purchasing the residence.

For more on the military and taxes, check out

The IRS also has a special Web page of Tax Information for Members of the Military, which includes Publication 3, Armed Forces' Tax Guide. Publication 3 currently is for 2008 filings; the IRS will update the document with 2009 data later this year.

State breaks, too: And when filing season rolls around, don't overlook possible military tax relief on the state level.

Minnesota, for example, has the Credit for Military Service in a Combat Zone. This state tax break is available to any member of the military who served in a designated combat zone or hazardous duty area since Sept. 11, 2001.

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I think all active and retired military should be tax exempt! Thank God the American Flag is sales tax free.... for now.

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nice links

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