Identify tax deductions and credits

Life’s Financial Journeys

Heading Off to College
Getting Out on Your Own
Blending Two Lives
Having a Child
Emptying the Nest
Entering Retirement
Death of a Life Partner
Military Life

Not all of your income is subject to the income taxes and even once your tax bill is calculated you can reduce it further. This is because the law provides for various tax exemptions, deductions and credit.

In addition to those available to the general public, service members are often eligible for additional tax breaks.

The following resources may assist you in identifying tax deductions and credits:

IRS – Credits and Deductions

IRS – Standard and Itemized Deductions

IRS Publication 3 – Armed Forces Tax Guide

Military Life Tasks

1. Budgeting finances
2. Reducing debt
3. Finding housing
4. Protecting against risk
5. Managing taxes
6. Saving for education
7. Preparing for retirement
8. Updating your estate plan
9. Explore Your Benefits

Managing taxes Subtasks

1. Identify tax deductions and credits
2. Seek tax planning assistance


NAPFA Consumer Education Foundation
8700 W. Bryn Mawr Ave., Suite 700N
Chicago, IL 60631
(847) 483–5400 ext. 106