Some of the changes in the Tax Cuts and Jobs Act have special implications for the military community. They include: (1) the standard deduction is increasing to $24,000 for those who are married and filing jointly; (2) your itemized deductions are no longer limited if your adjusted gross income is over a certain amount; (3) the maximum credit increases to $2,000 per qualifying child; (4) a new credit of up to $500 is available for each of your dependents; and (5) Reserve service members can deduct unreimbursed travel expenses to attend drill duty only if it takes place more than 100 miles away from home. For more information, contact your base tax center or see this Military.com article.
New Tax Military Laws
