Before you file your 2011 tax return, be sure to consider
these items. By Lt. Col. Shane Ostrom, USAF-Ret., CFP®
Illustration by Danny Allison
TAX SEASON IS HERE. On the plus side, servicemembers receive certain considerations for their sac- rifices on behalf of the nation; the catch is keeping track of them. Below are several you shouldn’t miss.
1. Service in a combat zone If you’re serving in a combat zone, your spouse at home can sign for both of you. Your spouse needs to attach to the return a signed statement explaining you can’t sign the re- turn because you’re serving in a combat zone. For those serving in a combat zone, the deadline to file
T
returns, pay taxes, or file for refunds automatically is ex- tended for 180 days after: • your last day in a combat zone or • your last day of a continuous hospital stay that resulted from a tour in a combat zone.
2. Tax rates and deductions Notice in the tax table (“Tax Rates for 2011,” page 64) the top tax rate is still 35 percent; it has not gone up … yet. Those of you who itemize, regardless of your income level, can deduct the full amount of your itemized deduc-
PHOTO: TKTK MONTH 2005 MILITARY OFFICER 63
Page 1 |
Page 2 |
Page 3 |
Page 4 |
Page 5 |
Page 6 |
Page 7 |
Page 8 |
Page 9 |
Page 10 |
Page 11 |
Page 12 |
Page 13 |
Page 14 |
Page 15 |
Page 16 |
Page 17 |
Page 18 |
Page 19 |
Page 20 |
Page 21 |
Page 22 |
Page 23 |
Page 24 |
Page 25 |
Page 26 |
Page 27 |
Page 28 |
Page 29 |
Page 30 |
Page 31 |
Page 32 |
Page 33 |
Page 34 |
Page 35 |
Page 36 |
Page 37 |
Page 38 |
Page 39 |
Page 40 |
Page 41 |
Page 42 |
Page 43 |
Page 44 |
Page 45 |
Page 46 |
Page 47 |
Page 48 |
Page 49 |
Page 50 |
Page 51 |
Page 52 |
Page 53 |
Page 54 |
Page 55 |
Page 56 |
Page 57 |
Page 58 |
Page 59 |
Page 60 |
Page 61 |
Page 62 |
Page 63 |
Page 64 |
Page 65 |
Page 66 |
Page 67 |
Page 68 |
Page 69 |
Page 70 |
Page 71 |
Page 72 |
Page 73 |
Page 74 |
Page 75 |
Page 76 |
Page 77 |
Page 78 |
Page 79 |
Page 80 |
Page 81 |
Page 82 |
Page 83 |
Page 84 |
Page 85 |
Page 86 |
Page 87 |
Page 88 |
Page 89 |
Page 90 |
Page 91 |
Page 92 |
Page 93 |
Page 94 |
Page 95 |
Page 96 |
Page 97 |
Page 98 |
Page 99 |
Page 100 |
Page 101 |
Page 102 |
Page 103 |
Page 104