0
0
0
Taxes
Family
Money
Freedom
Responses: 2
0
0
0
If I hadn't filed my 2010 return, I think I might have bigger problems.
I haven't had a refund in years.
I haven't had a refund in years.
(0)
(0)
SGT Craig Northacker
You might be surprised how many people do not file. Do you have enough withheld to avoid penalty situations, or just something else you do not want online here? feel free to send me an email.
(0)
(0)
0
0
0
What are the rules for filing? I used to think that you had to file every year, but then I met some Soldiers who only filed every other year. I always assumed that failure to file by April 15th would result in fines and/or late fees. Is this only true if you end up owing money?
(0)
(0)
SGT Craig Northacker
The rule is that 5% of the tax liability (what your tax actually is) can be assessed as a penalty. Not always, but can be. After 3 years you can still file, but you forfeit any claim to a refund otherwise available.
If people wind up in combat zones with no taxable pay, for instance, then they may choose not to file, however, it is wise to file even if nothing is owed so no-one can ever come back for whatever reason. The income is reported, but excluded, and that also helps for getting financing.
(0)
(0)
Read This Next
Continue with Facebook 
Continue with Google