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.


 
 

 

News Briefs September 19, 2014

Enlisted Combat Dining out There will be an Edwards AFB Enlisted Combat Dining Out Oct. 10. Check in time is 5:30 p.m. in Hangar 1600. The authorized uniform is any present or past combat uniform. The event is open to all Edwards enlisted. Bring your own water guns. Water and water bombs will be supplied....
 
 
retreat1

Retreat

Air Force photograph by Jet Fabara (From right to left) 1st Lt. Tony Liu, from the Air Force Operational Test and Evaluation Center Detachment 1, salutes the American flag as 1st Lt. Michael Eibling, from the U.S. Air Force Tes...
 
 
Air Force photograph by Bobbi Zapka

67 years of air power

Air Force photograph by Bobbi Zapka In keeping with tradition, Brig. Gen. Michael Brewer, 412th Test Wing commander and highest ranking officer attending the dinner, cuts the U.S. Air Force birthday cake with Airman Juan Bonill...
 

 
Navy photograph

Triton has first cross-country flight from Palmdale

Northrop Grumman photograph The MQ-4C Triton Unmanned Aircraft System takes off from Northrop Grummanís Palmdale, Calif., facility Sept. 17 for its first cross-country flight to Naval Air Station Patuxent, River, Md. PALMDALE,...
 
 
Air Force photograph by Jet Fabara

Base, local helping agencies team up to build ‘Community of Caring’

Air Force photograph by Jet Fabara Nancy Koch-Castillo, 412th Test Wing community support coordinator, leads the Edwards Air Force Base Integrated Delivery System monthly meeting Sept. 11 during a visit to Healing Horses and Ar...
 
 

Airmen must revalidate dependents by Dec. 31

By Dec. 31, every Airman will be required to provide their servicing finance office with documentation for all dependents as part of Air Force audit readiness efforts. This one-time, Air Force-wide recertification process will allow the Air Force to validate Airmen’s basic allowance for housing entitlements, ensuring every dollar of the $5.4 billion the Air...
 




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>