FORT SILL, Okla.-- As 2013 begins, it is time to start thinking about filing income tax returns.
The Fort Sill Income Tax Assistance Center (ITAC) will again assist Soldiers, retirees and their eligible family members with free preparation of federal and state tax returns and electronic filing. Filing returns electronically, or e-filing, means tax refunds will be directly deposited into bank accounts in as little as 10 days.
The military community is highly encouraged to use this free service, which will provide fast payment of tax refunds without the high cost of commercial tax preparer fees. Each year the free tax services at the ITAC save the Fort Sill community hundreds of thousands of dollars in tax return preparation fees while ensuring taxpayers receive every credit, deduction and exemption to which they are entitled.
The ITAC, located in the Welcome Center, Building 4700 Mow-Way Road, will hold a grand opening ceremony Jan. 17.
Operating hourse will be Mondays through Fridays from 9 a.m. to 4 p.m. and Saturdays from 9 a.m. to 1 p.m. From the opening of the tax center through Feb. 22, returns will be prepared on a walk-in basis. Anyone signed in by 4 p.m. will be seen that day. Appointments begin Feb. 25. Scheduling an appointment is a great way to avoid the long lines that may occur on walk-in days. For those planning to come Saturdays they should expect a longer waiting time.
The ITAC is intended to serve the entire Fort Sill community. If you have complex tax returns, make sure you come prepared with all appropriate documents. The ITAC is prepared to complete tax returns for owners of rental property who have a depreciation worksheet with appropriate documentation. Tax center volunteers can also handle stock sales as long as the cost basis of the stock is known, and it is not a wash sale. The ITAC can process Schedule C-EZ and C returns up to $5,000.
There are some limitations on the ITAC's ability to process tax returns for business owners and those who are self-employed with subordinate employees, inventory or seeking to report losses from the business. This should affect a small minority of clients, and individuals are encouraged to contact the ITAC if they are unsure if this would apply to them.
All ITAC customers must show a valid military ID card to receive service and should ensure they have all their information before filing tax returns, including a copy of their prior year's tax returns if possible.
For more information, call the client services office at 442-5058/5059.
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