North Vancouver, BC -- (ReleaseWire) -- 07/22/2019 --Working and living cross border can be tough. As a team of accountants who cater to Americans living and doing business in Canada (and vice-versa), the team members at US Tax Professionals in Vancouver recently published an article that highlights some of the special tax breaks available to active members of the US Armed Forces. For more, go to: https://us-taxprofessionals.com/newsletter.php#4
The article discusses six tax benefits that are available to members engaged in active duty. These benefits range from special exemptions on some types of income to extended deadlines on filing federal taxes, which could be useful for members deployed internationally.
For example, for members who serve in a combat zone as an enlisted person or as a warrant officer for any part of a month, "any military pay received for service during that month is not taxable. For officers, the monthly exclusion is capped at the highest enlisted pay, plus any hostile fire or imminent danger pay received."
Other points the article touches on include moving expenses, earned income tax credits, deadline extensions, joint returns, and allowances paid to ROTC students (subsistence allowances paid to students participating in advanced training are not taxable, but active duty pay is).
Active members of the US Armed Forces should take full advantage of the special tax benefits available to them. Working with an experienced US Tax accountant in Vancouver is one of the best ways to leverage any applicable benefits while making sure taxes are filed in a timely manner.
To learn more about tax breaks for members of the armed forces or any other cross-border tax-related matter, contact US Tax Professionals in Vancouver at (604) 281-3318.
About US Tax Professionals
US Tax Professionals provide tax services for dual American and Canadian citizens in Vancouver. Founded in 2013, they specialize in taxation for US citizens and expats, taxation and accounting for business, cross-border taxation for US and Canadian citizens, as well as accounting and taxation of alternative investments, including private equity funds and hedge funds.
For more information, visit https://www.us-taxprofessionals.com/ or call (604) 281-3318
US Tax Professionals
Company Website: https://www.us-taxprofessionals.com