Tax tips for troops and veterans | Headlines from MOAA

And now here's some tax season tips presented by the Military Officers Association of America

The April 15th tax deadline is almost here and service members and their families should be

aware of new tax laws in effect with the passage of President Trump's one big beautiful bill

For starters, parents of children 18 years old and younger with a social security number

can open up a tax-deferred savings account known as a Trump account in their child's name

For children born between 2025 and 2028, parents can claim a one-time $1,000 contribution

Parents, grandparents, friends, and employers can contribute up to a combined total of $5,000 each year to the child's account

The money can't be withdrawn before the child turns 18, at which point it can be used for qualified expenses like education, purchasing a first home, and starting a business

For car loans, interest is tax-deductible on loans used to buy a new vehicle as of January 1, 2025

It must be for personal use, and the final assembly must have been in the U.S

The max deduction is The deduction allowed for state and local income taxes property taxes and real estate taxes has increased from to for most taxpayers

Now let's talk tips. Employees and self-employed individuals may deduct qualified tips that are received in occupations listed by the IRS

The max annual deduction is $25,000. The child tax credit is now up to $2,200 per child who's under age 17 at the end of 2025

In addition, you and your spouse may be able to claim the child and dependent care credit

if you paid for the care of a child under age 13 in order to work or actively look for work

It also applies to care for a disabled dependent. One more tax tip

Department of War covers most moving expenses, but not all. So did you know active duty service members can deduct unreimbursed moving expenses related to PCS moves

Use IRS Form 3903. For even more tax law updates for the troops, visit MilitaryTimes.com

and visit the Military Officers Association of America at MOAA.org for updates on state tax breaks for currently serving and retirees