Tax Season; How do you mentor and prepare your Soldiers for their taxes?

SSG Private RallyPoint Member — Sat, 03 Jan 2015 08:34:54 -0500

With tax season approaching, is there anyone talking with their Soldiers on importance of filing taxes the right way and what their plans are with their returns? Are you mentoring your Soldiers on their finances? If so, how?

Note: Picture added by RP Staff

Response by CPT Private RallyPoint Member made Jan 3 at 2015 8:43 AM

CPT Private RallyPoint Member — Sat, 03 Jan 2015 08:43:47 -0500

I haven't thought about that. It is very important. I would even go as far to speck about what they plan to do with their returns.

While I was stationed at Fort Bragg they offered a free tax service that would file your taxes for free. Now that I am in the National Guard there are several other places that I can use. The State Employee Credit Union in North Carolina offers their services for free and the NCNG also offers free tax services at their family support centers.

I know it may be hard to believe but when you had a Joe or Jane a couple grand they may not tend to make the best decisions. Too often they find their way to Sharkys or some other fine establishment in the Fayetteville area and will have nothing to show of it in about a week.

Response by CPT Private RallyPoint Member made Jan 3 at 2015 9:59 AM

CPT Private RallyPoint Member — Sat, 03 Jan 2015 09:59:52 -0500

I pray for them.

;)

Response by SFC Private RallyPoint Member made Jan 3 at 2015 10:10 AM

SFC Private RallyPoint Member — Sat, 03 Jan 2015 10:10:24 -0500

Sit down and have a talk with them about the importance of spending and saving money. Take care of you and family first and pay off bills u have. When they pay off there bills then they can save.

Response by CPT Brian Kent, PhD made Jan 3 at 2015 10:21 AM

CPT Brian Kent, PhD — Sat, 03 Jan 2015 10:21:16 -0500

The first task for them in tax preparation is for them to start to think about their taxes as early in the year as they can, preferably in the spring. The earlier they start the more of their money they can save. The old saying is true here, "its not how much you make, but how much you keep at the end that is important" Starting early allows for adjusting your deductions and also to plan on individual tasks that can help to reduce the amount you owe while taking care of yourself, your family or charitable compassion you may have.

Response by SSG Private RallyPoint Member made Jan 3 at 2015 10:35 AM

SSG Private RallyPoint Member — Sat, 03 Jan 2015 10:35:10 -0500

remind them that their parents cannot claim them any more.

if they are newly weds, I usually talk to them about taxes just to be sure nothing weird is going on.

if I know one of my guys is "special", I talk more in depth

Response by SGT(P) Private RallyPoint Member made Jan 20 at 2015 1:20 PM

SGT(P) Private RallyPoint Member — Tue, 20 Jan 2015 13:20:28 -0500

This is a double first time for me, first tax season as a soldier and also first one out of Puerto Rico. Back in the island I used to fill the taxes myself, no problem. Here is going to be a lot different, I'm glad that, not just my NCOIC but, my OIC and even the civilians in my shop are giving me good advice about it.
By other part, my Home Commander won't let me go crazy with the returns, I already filled the 4187 to get that sectional that I want for the living room, lol!

Response by SFC Nikhil Kumra made Jan 21 at 2015 7:01 AM

SFC Nikhil Kumra — Wed, 21 Jan 2015 07:01:58 -0500

Get them in the habit of dealing with human beings on this, rather than using online tools/websites. They need to sit down and understand what is going on - especially as they get out of the service where nothing is fed to them... Very important.

Response by PO2 Stephen Brinkley (Scott) made Jan 22 at 2015 9:43 AM

PO2 Stephen Brinkley (Scott) — Thu, 22 Jan 2015 09:43:00 -0500

SSG Private RallyPoint Member the fact that you have volunteered and worked in the tax offices is great. I did the same while I was in and helped many sailors get their taxes done. However as for mentoring them or preparing them to get their taxes complete, not sure I completely understand where you are going with this. Any person military or civilian has the choice to file their taxes or not. If you make the choice not too I would explain to them the consequences of that. If they do file and cannot figure out why they are paying every year or getting a small return, they don't need mentoring on taxes but on how to properly fill out a W-4.

Response by SFC Joseph Dunphy made Apr 8 at 2016 8:41 PM

SFC Joseph Dunphy — Fri, 08 Apr 2016 20:41:45 -0400

Get acquainted with Form 2106.

Response by Maj John Bell made Apr 8 at 2016 9:46 PM

Maj John Bell — Fri, 08 Apr 2016 21:46:46 -0400

I contacted local veteran organizations and accounting firms, I had no trouble getting a dozen or more volunteer accountants, tax professionals, and knowledgeable businessperson retirees who would come in on Saturdays and Sundays. They would do 2-3 tax preparations per day, for free from mid-February to April 15th