This article is meant to assist members of the active duty and reserve community (including those serving on active duty) in filing your 2011 Federal Income Tax Return (Form 1040), make you aware of available tax credits and deductions, and lower your tax burden.

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On 17 February 2009, President Obama signed into law The American Recovery and Reinvestment Tax Act of 2009 (the “Act”). Among its many provisions, Section 1221 of the Act amends and supplements Section 51 of the Internal Revenue Code (IRC) to create additional incentives to hire an unemployed veteran in 2009 and 2010. The Act is designed to combat the growing unemployment rate for veterans who have served in Iraq and/or Afghanistan (11.2% for veterans age 18 and older compared to 8.8% rate for nonveterans in the same age group).

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This article is meant to assist members of the Reserve community (including those serving on active duty) in filing your 2008 Federal Income Tax Return (Form 1040), and to make you aware of available tax credits and deductions and lower your tax burden.

[Read the rest of this article...]

[Read the rest of this article...]