DoD

March 21, 2014

Tax tips for military personnel

The tax season is well underway and, so far the Edwards Tax Center has processed more than 200 returns and gotten our Edwards members more than $450,000 in refunds.

If you have not yet filed your taxes, and would like to use our free tax filing services, please call the Edwards Legal Office at (661) 277-4310. The Tax Center will be closing April 10, but call us today to make your appointment!

Here are a few tips regarding filing your taxes:

* If you are in the military, you may file your federal return jointly, but can file state returns separately. If you elect to do this, you may still file your federal return electronically, but you must mail your state return in.

* It is not too late to contribute to your Traditional Thrift Savings Plan or 2013 Traditional IRA. You have until April 15 to do so. These contributions lower your taxable income, reducing your overall tax liability.

* If you have made a large vehicle purchase in 2013, the sales tax on that vehicle may be deductible. Please bring in your purchase receipt from the dealership when you come in for your tax appointment.

* If you have a rental property, make sure you bring receipts paid for homeowner’s insurance, management fees, depreciation amounts, repairs and maintenance, and mortgage interest paid. All of this is deductible on your rental income, and can greatly lower the tax you will have to pay on your rental home.

* Gambling losses are tax deductible only to the extent of your gambling winnings. Your gambling winnings are also taxable as income. This includes winnings from lotteries, raffles, and casinos.

* When itemizing deductions, if you make a donation to a thrift store, homeless shelter, etc., it is important to list out each item that you donate as well as its corresponding value. This will help in the event that you are audited by the IRS.

* If you are selling your primary residence, tax law may allow you to exclude up to $250,000 (if filing single) or $500,000 (if married, filing jointly). You must have used the house as your primary residence for at least a period of two years within the last 5 years from the date of sale.

Once your return has been filed, it typically takes two to three weeks to see your refund if you are having it directly deposited into your bank account.

“Thank you all for your support of the Edwards AFB Tax Center,” said a Judge Advocate Office spokesperson. “We are proud to assist military members and their families with filing their taxes.”

For more information, questions or to make an appointment, call the legal office at (661) 277-4310.




All of this week's top headlines to your email every Friday.


 
 

 
DoD
Air Force photograph by Senior Airman Thomas Spangler

F-35 program ‘on right track,’ director says

Air Force photograph by Senior Airman Thomas Spangler An F-35A Lightning II assigned to the 61st Fighter Squadron, Luke Air Force Base, Ariz., taxis to the runway for a training exercise at Nellis AFB, Nev., April 15, 2015. Mai...
 
 
DoD
aafes-catalog

Exchange special sizes catalog helps military shoppers look their best

Soldiers, Airmen and their families can put some spring in their step with the latest fashions in special sizes from the Army & Air Force Exchange Service’s latest catalog. The 20-page Special Sizes guide is decked out wi...
 
 
DoD

Salute military children during the Month of the Military Child

In April, the military community comes together to highlight the contributions, bravery and patriotism of its youngest members.  The Month of the Military Child recognizes the more than 1.9 million U.S. military children that brave the unique challenges of military life. Often military kids face back-to-back deployments of a parent, or; they may have to...
 

 
DoD
aafes

The whole family can join for chance to win $3,000 in prizes

The Army & Air Force Exchange Service is encouraging shoppers worldwide to hop to it and take a crack at $3,000 in prizes. With the Patriot Family Easter Egg Hunt Contest, shoppers can search for clues at the Edwards Exchan...
 
 
DoD

Pay dates increase for civilians in 2015

Civilian employees will have 27 pay dates in 2015 compared to the usual 26, so some employees might need to adjust their Thrift Savings Plan contribution elections to receive the maximum agency matching contributions for 2015. The Internal Revenue Code imposes a limit each year on the amount that an employee can contribute annually to...
 
 
DoD
secdef

Carter takes office as 25th Defense secretary

Ash Carter became the 25th secretary of Defense Feb. 17, after having served previously as deputy defense secretary, defense acquisition chief and assistant secretary for global strategic affairs. President Barack Obama nominat...
 




0 Comments


Be the first to comment!


Leave a Reply

Your email address will not be published. Required fields are marked *

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>