Battle Tested Security LLC’s Post

The IRS kicks off the 2024 tax season! Here's what you need to know: 🗓️ File your 2023 tax returns by April 15, 2024 (April 17 for Maine & Massachusetts residents). 💡 Highlights: Over 146 million returns expected. Extended hours at 250+ Taxpayer Assistance Centers. Improved online tools, like "Where’s My Refund?" on https://ow.ly/HOOw50QvFi7. Continued improvements from the Inflation Reduction Act. 🌐 Go digital: Submit documents paperlessly. Enhanced online account features, including chat and payment options. 💸 Free help available: IRS Free File for incomes ≤ $79,000. VITA & TCE programs for qualifying taxpayers. MilTax for military members & some veterans. Direct File pilot for free online filing directly with the IRS. Read the full article here: https://ow.ly/ihVe50QvFia

Happy Military Monday! 📝 It’s Tax Day! Hopefully you’ve done your taxes already but if not we want to share some tips to help navigate the complexities of taxes and homeownership for our service members, veterans, and their families. We encourage you to seek tax professionals who specialize in this whether that is your finance office on base or a local tax professional. It’s important that you claim all of your deductions properly especially if you are married, have dependents, own a home, etc. Military OneSource provides specific resources for military families, offering guidance on benefits and deductions. You can get a free tax consultation through MILTAX and, even if you are getting your taxes filed on base, it’s still helpful to consult with a tax professional beforehand so that you know what deductions to ask for. Whether you're buying your first home, selling, or planning your next PCS, Next Move Military is dedicated to supporting you every step of the way. Reach out today for personalized advice and support. Let's make financial readiness a cornerstone of your PCS planning and homeownership journey. #NextMoveMilitary #MilitaryMonday #TaxDay #FinancialReadiness #Homeownership #MilitaryLife #PCS #supportourtroops

Eleventh Hour: A Soldier's Story & Our Last Tax Filing of The Season! July 30, 2024, 11:30 PM: A soldier registered for our ITR-1 Plan to file his taxes for the 2023-24 financial year. The last date to file was July 31, 2024. July 31, 2024, 8:00 AM: We attempted to contact the soldier to gather necessary documents. He did not pick up the call. We sent him a WhatsApp message and an email, knowing the deadline was close. Throughout the Day: We continuously tried to reach him without success. He was unavailable until the evening. July 31, 2024, 6:00 PM: The soldier called us, explaining he was on duty near the border in Pathankot and would only be back in a network area by 11:00 PM. We reassured him that we would file his return at night when he was available. July 31, 2024, 11:30 PM: We waited for his call and tried reaching him, but he wasn't answering. Multiple attempts to connect via WhatsApp call were made. We finally gave up that we will not be able to complete his filing on time. July 31, 2024, 11:40 PM: With deadline almost closing but with little hope we kept on trying and the call finally connected. With only 20 minutes left before the deadline, we faced issues with the income tax portal. He sent us his PAN card and documents through WhatsApp. Upon checking, we realized he needed to file under ITR-2, not ITR-1. We quickly calculated his sales of securities and mutual funds and switched his plan to ITR-2. July 31, 2024, 11:58 PM:  Despite low network causing frequent call drops, we kept him on the call, explained the process, and successfully filed his ITR. The e-verification was completed just in time before the deadline. Finally, as the clock struck midnight, there was a collective sigh of relief. Our team, exhausted but satisfied, knew they had done something meaningful. The soldier's gratefulness, conveyed through a brief, heartfelt message, made it all worthwhile. And with this, we wrapped up the tax season knowing we had made a difference, one soldier at a time. udChalo #soldiers #teamwork #military #armedforces

Maximize Your Veteran Benefits: Tax Exemptions & More Discover essential benefits available to veterans, including tax exemptions on property and vehicles. We share a step-by-step guide to help you access valuable resources, including equipment upgrades and support programs tailored for veterans. Don’t miss out on what you may be entitled to! #VeteranBenefits #TaxExemptions #VeteransSupport #MilitaryVeterans #DisabilityAssistance #LifeAfterService #VeteranResources #FinancialSavings #VeteranCommunity #EquipForSuccess

Military personnel have access to numerous tax benefits that can significantly reduce their tax liability. Exclusions for combat pay mean this income isn't taxed, while deductions for moving expenses help offset relocation costs due to permanent station changes. If you're serving in a combat zone, you're also granted extended deadlines for filing and paying taxes, giving you more time to manage your financial obligations without penalty. Remember the Earned Income Tax Credit, which can be increased by including nontaxable combat pay in your earned income. Additionally, tax-free allowances such as BAH and BAS further reduce taxable income. To ensure you maximize your benefits and remain compliant with 2023 tax regulations, consult a tax professional specializing in military tax issues. Stay informed and proactive to make the most of the resources available to you. #MilitaryTaxBenefits #CombatPay #MovingExpenses #EITC #TaxFreeAllowances #TaxSeason #IRS

Tax season can be daunting, but resources like AARP Tax-Aide can offer free assistance: AARP Foundation's Tax-Aide program provides in-person and virtual tax help, free of charge, for individuals 50 and older or those with low to moderate incomes. Specific state tax breaks for Veterans vary widely. Here are some examples: • California: Waives state and local business license taxes for Veterans and offers property tax breaks. • Florida: Provides reductions in property taxes for disabled Veterans and those over 65. • New Jersey: Offers income tax exemptions and property tax deductions for Veterans and spouses. • New York: Provides property tax exemptions based on home purchase date and military service. Explore available resources and state-specific tax breaks to maximize your benefits as a Veteran. https://buff.ly/3UWEW0y #Veterans #TaxBenefits #AARPTaxAide #StateTaxBreaks

The world is watching, and democracies need U.S. leadership. Failing to pass a defense budget weakens our military, defense industry, and signals weakness to adversaries like Russia and China. Congress must act now—secure funding and show strength. #AmericanLeadership #DefenseFunding #LeadByExample #GlobalSecurity

📅 Reminder: Oct. 15 tax extension deadline is approaching for individuals and C Corps! 📅 If you requested an extension to file your 2023 individual or corporate tax return, the deadline is Tuesday, Oct. 15! To avoid penalties, make sure to file electronically—it's easy, safe, and accurate. 💡 Key Reminders: An extension to file is not an extension to pay! If you owe taxes, pay as much as you can now to reduce interest and penalties. Certain groups, like those affected by federally-declared disasters or military personnel in combat zones, may have more time to file. Log into your IRS Online Account to view your tax info, payment history, or to check your balance. 💵 Payment Options: Use IRS Direct Pay (no fees!) or pay with a credit card, debit card, or digital wallet. If you can’t pay your balance now, consider applying for a payment plan. #TaxDeadline #TaxTips #CPAFirm #IRSUpdate #TaxExtension

The 2023 tax year edition of the State Military Tax Guide is now available. Each year, Tax Section volunteers update tax information for every state to aid military members, their families and volunteer tax preparers in completing the (often several) state tax returns they are obligated to file. Thank you to our volunteer research team (listed on page two of the guide) and to Vice Chair of the Pro Bono & Tax Clinics Committee, Jamie Steele for organizing this important effort every year. View the guide here: https://lnkd.in/eyac6gxh More information: https://lnkd.in/dg3cf6dc #taxlaw #taxlawyer #taxprobono