Did Tax Day come a little quickly for you this year? If so, you can file for a free extension on your taxes. Anyone can file for a tax extension, but it’s important to note that if you will owe taxes to the government, your taxes are due on April 15th, even if you filed for a tax deadline extension. You will need to pay a minimum of 90% of your total tax bill to avoid late fees or penalties. If you are expecting a refund, there are no fees or penalties. However, some military members are eligible for a tax extension without being required to pay the minimum estimated taxes.
Tax deadline extension for military members
Military members who served overseas in a tax free zone in the previous or current tax year are eligible to apply for an extension and in many cases will not have to pay their estimated taxes before April 15th. This is a nice way for he IRS to recognize your duties in serving our country. However, there are many details and your estimated taxes may be due on April 15th, so be sure to check with a professional accountant or with the IRS. The IRS has a dedicated military tax extension page on their website.
Additional military tax resources
- Most military members are eligible for free tax preparation.
- Many military members are qualified to file their taxes several months later without penalties – especially if they served overseas in a tax free combat zone.
- Many military members who deployed are eligible for the Heroes Earned Retirement Opportunities Act (Heroes Act), which gives military members the opportunity to contribute to a traditional IRA, even if all of their income was earned in a tax free zone and was considered tax-Free Military Pay.
- Was your military pay and benefits taxable or non-taxable? Check out these resources: Taxable Military Income and Non-Taxable Military Income.
The military pay system is full of rules that are specific to military members and many of them can have an affect on your taxes. When in doubt, contact a tax professional for more information regarding your specific situation!