FORT SILL, Okla. -- As 2014 ends and a new year begins, it is time to start thinking about filing income tax returns.
The Fort Sill Income Tax Assistance Center (ITAC) will again provide assistance to Soldiers, retirees and their eligible family members with free preparation of federal and state tax returns and electronic filing.
Filing your return electronically, or "e-filing," means your tax refund can 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 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 Income Tax Assistance Center in the Welcome Center (Building 4700), Mow-Way Road, will hold its grand opening Jan. 20. Hours of operation are Mondays through Fridays, 9 a.m. to 4 p.m.; and Saturdays, 9 a.m. to 1 p.m.
From the opening of the tax center through Feb. 14, returns will be prepared on a walk-in basis. Anyone signed in by 4 p.m. will be seen that day. Appointments will begin Feb. 18. Scheduling an appointment is a great way to avoid the long lines that may occur on walk-in days. If you come on Saturday, expect a longer waiting time.
The ITAC is intended to serve the entire eligible Fort Sill community.
If you have complex tax returns, please make sure you come prepared with all of your appropriate documents. The ITAC staff is prepared to complete tax returns for owners of rental property who have a depreciation worksheet with required documentation. The ITAC 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-EZs and Schedule Cs 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, with their own inventory, or seeking to report losses from the business. This should affect a small minority of clients. Individuals are encouraged to contact the ITAC if they are unsure if this would apply to them.
Assistance is available to service members, retirees and family members with valid military identification. Taxpayers should ensure they have all their information before filing a tax return, including a copy of their prior year's tax returns if possible. For more information, call Client Services at 580-442-5058/5059.
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