Tax season officially began with the new year and wraps April 15th. The Coast Guard’s Personal Financial Management Program (PFMP) wants to share reminders you should know as part of the Coast Guard workforce.
“The resources available to Coast Guard members, civilians, and dependents during tax season can save them a lot of money,” said Rebecca J. Ligtenberg, Personal Financial Manager, Base Kodiak.
If you haven’t filed your taxes yet, here’s what you should know:
- Free tax preparation. All Coast Guard personnel— CG SUPRT can help you prepare your taxes for filing, free-of-charge.
- Free tax filing software through HR Block. The free tax filing software allows members to electronically file both federal and up to three state tax returns for free. In order for your online tax filing to be free, access H&R Block through the CG SUPRT website.
- Free tax filing through IRS Free File or Direct File. For all IRS taxpayers who may qualify, the IRS allows you to file for free. If you’re interested, visit the IRS Free File or IRS Direct File program to check out the requirements.
- CG SUPRT Money Coach. Money Coaches are available year-round and can help you with tax-specific questions, along with broader personal financial topics. For example, through the network, you can talk to a CPA for free assistance with your tax questions. Appointments can be scheduled by calling 1-855-247-8778 or visiting CG SUPRT and ask to speak with a “Money Coach.”
- Request extension. If you need more time to file your taxes, request an extension to file your taxes. An extension can give you until October 15 to file without additional penalties. However, make sure you pay any taxes owed by the April filing date. The extension is only for filing your return.
“Working with a CG SUPRT Money Coach could provide you with proactive tax planning strategies that can make a significant difference in your financial well-being, both now and for the future. It’s a great opportunity to ensure that you’re not leaving any potential savings on the table,” said Kathryn Seymour-Suffern, Personal Financial Manager, National Capital Region.
Planning for tax season throughout the year can help you save time, stress, and possibly finances. Don’t forget that eligible Coast Guard members can consider enrolling in Flexible Spending Accounts (FSA), which may lower taxable income. FSAs are optional tax benefits that allow you to set aside pre-tax earnings to pay for health and dependent care expenses. We are within the special enrollment period to sign-up for a FSA, which began March 3 and ends on March 31st. If you miss the deadline, you will have to wait until the next Federal Benefits Open Season in November or a Qualifying Life Event.
For more information about Flexible Spending Accounts, visit this webpage: FINRED | Knowing Your Benefits And Entitlements.
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