While this is an important topic for any taxpayer selling a home, it comes up frequently in military tax situations due to relatively frequent moving. On social media many well meaning folks will give you answers to this question that are incomplete at best and sometimes outright wrong. If you’ve asked this question on social [...]
This topic comes up quite often and the answer, just like many tax questions, is it depends. As your tax return prep becomes more difficult, the more likely you should engage a tax professional. Often there is a triggering point that causes someone to consider engaging a tax professional. The taxpayer starts a business or [...]
In Part A we covered a Single Member LLC (SMLLC). In Part B we discussed a Multi-Member LLC (MMLLC). In Part C, the final part, we are discussing S corporations. When you have an LLC it is possible to elect S corporation status. When you do this you are choosing to be treated as a [...]
In Part A we covered a Single Member LLC. This part will be about a Multi-Member LLC (MMLLC) and this part is more complicated than Part A. Disclaimer: This discussion is incomplete. It does not cover all situations and scenarios. This article is providing information and that information is not intended to be applied to [...]
It turns out service members (and their spouses, if they have one) often don’t get to live in a house for at least 24 months or 730 days. This is one of the requirements to exclude capital gains from taxation due to the sale of a primary residence under Section 121 of the tax code.. [...]
Retiring from the military brings many changes to a family. Children can start making more lasting relationships at school. Spouses who bore the brunt of child-rearing and household chores can become more career-focused. The family member who wore the uniform of the United States each day must now actually decide what to wear to work! [...]
Part 4 was a list of indicators of a depreciation error. If it turns out there was one, how is it fixed? Many of us know the go to method for fixing tax filing errors. That method is to amend previous returns. It is natural to think that we know how to fix the tax [...]
I have the honor to write this first article for the Military Tax Experts Alliance website, miltiarytaxexperts.org. We should have created the Military Tax Experts Alliance much sooner. Maybe we could have prevented all those times we’ve seen tax returns messed up because the preparer didn’t understand how military life impacted taxes. The good news [...]
