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As the tax season gets underway, the Airman and Family Readiness Center, FSS, and the base legal office will host an education campaign to address common questions that first-time filers
may have about the tax process. This year's campaign will consist of written articles as well as a series of YouTube videos that will help filers gain a better understanding of
the nuances of tax preparation and how to navigate through the process of filing.
"It is our responsibility as leaders to ensure we develop and prepare military members for personal and professional challenges," said Major Hilburn Caulder, 375 Force Support Squadron Commander. "This tax campaign is one way for us to reach out to those members who might need a helping hand."
3 Last Minute Tax-Related Money Savers:
*CONTRIBUTE TO AN IRA: You have until 15 April to contribute to a 2014 traditional IRA, potentially reducing your taxable income. The maximum deductible contribution is $5500 for those under age 50 and $6500 for those age 50 and older. Your deduction will be limited based on income and whether you or your spouse has a retirement plan at work. Do you own a small business? Then you might be eligible higher income and contribution limits through a simplified employee pension (SEP) IRA or a Savings Incentive Match Plan (Simple) IRA. Go to irs.gov and search for IRS Publication 590, "Individual Retirement Arrangements," for details on contributions and income limits.
*GIVE TO THE IRA OF A YOUNG RELATIVE OR SOMEONE ELSE STARTING OUT: Lower-income workers of all ages will benefit in three ways: more savings, less taxable income, and, if they're not medically insured through your plan or one at work, a larger health care subsidy.
*DEPLETE LAST YEAR'S FLEXIBLE-SPENDING ACCOUNT: Depending on your employer's rules, you might have until March 15 to use the remaining balances on allowable medical expenses.