Military Finance Network

Today is tax day, and millions of last minute tax filers (myself included!) will be streaming by the post office today to send their taxes to the IRS. But what happens if you missed the deadline? The good news is that you can file an extension. That bad news is that if you owe the IRS money, it was due on April 15th, even if you file an extension. If you are late with your payment, you may be assessed a penalty.

Military Tax Deadline Extensions

The great news is that many military members qualify for tax deadline extensions. This deadline is available for most military members who served in a tax free zone in the previous or current tax year. There are a lot of details, so the best thing I can do is point you to the Military Tax Extension IRS FAQ page or to a qualified tax professional for more details.

More Military Tax Information

• Many military members are qualified to file their taxes several months later without penalties.
• Heroes Earned Retirement Opportunities Act (Heroes Act) 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 Tax-Free Military Pay.
• Free tax preparation for military members
• Taxable Military Income
• Non-Taxable Military Income
• Tax-Free Zones and Military Pay

There are a lot of unique tax laws affecting military members, so if in doubt, contact a tax professional!