With the tax season quickly coming to an end, it makes sense to review what individuals will need in order to make an appointment at the Fort Knox Tax Center a success. Following these simple steps will help to ensure a smooth appointment.
It is important that individuals are prepared when they arrive for their Tax Center appointment. Having all required documents is essential. Taxpayers will need a military ID, retired ID or dependent ID to verify their eligibility for services, Social Security cards for all individuals on the return including children and all relevant documentation including W2s, 1099s, 1098s, etc. The Tax Center can only complete and file tax returns if the taxpayer has all the required documents with them. If something is missing, the individual will have to reschedule their appointment entirely or return at a later date to provide the missing documentation required to finish their return. Even though the Tax Center prepared a return in a prior year, doesn't mean the taxpayer is exempt from providing IDs and Social Security cards this year.
Finally, individuals should make sure they bring all of their tax documents with them. This includes any official forms they have received evidencing income, interest paid or received, canceled debt or any other financial event (generally W-2s, 1098s and 1099s). Be especially mindful of any interest statements from financial institutions an individual receives (1099-INT), as forgetting to include interest income--even just a few dollars' worth--is among the most common reasons taxpayers have to amend their taxes. In addition, if an individual has any income from sources for which he or she did not receive a tax form, or if they are itemizing deductions, or taking specific credits or deductions, the taxpayer should make sure they have all documentation.
The federal income tax deadline this year is April 18. Although individuals can get an extension to file their income tax return, any tax due is still owed by the due date. If the taxpayer doesn't pay by the due date, even if they filed for an extension, they may be charged interest and penalties on tax you did not pay by the due date. Taxpayers can receive an automatic six-month extension to file their tax return by filing Form 4868 with the IRS by the tax deadline. Individuals do not need a special reason to request the extension. If a taxpayer thinks they may miss the filing deadline April 18, it is in their best interest to go ahead and submit an official extension request to the IRS.
Along with filing the extension an individual must do two additional key things. First, the individual must estimate their total tax liability. The best way to make this estimate is to fill out a Form 1040 Individual Income Tax Return with the information they currently possess. Although this seems like a lot of work, if the IRS later determines the individual's estimated tax liability was not reasonable, they may void the extension, which may lead to increased interest and penalties. Second, the taxpayer must pay their expected tax balance by the due date. Note that if the estimated payments (for example, tax withholding) are more than the estimated total tax liability the individual will not receive an estimated tax return amount.
The Fort Knox Tax Center is able to assist with the filing of extensions. Individuals can reach the Tax Center at (502) 624-0044/3909. Be sure to ask about the Tax Center's new, extended morning hours. The Fort Knox Tax Center is located in the basement of Pike Hall (the JAG building), Bldg. 1310, 50 3rd Ave.
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