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Are There Tax Extensions for Military Personnel?

If you’re in the military and overseas, you have an extension on the date you must file your taxes by.

Here at RapidTax, we salute all the brave men and women serving our country. We also all military personnel to understand the military tax advantages.

Serving in the military is far from easy. The last thing on your mind is taxes. Luckily, the IRS offers a few tax extensions for military personnel. These tax extensions are offered to the following military personnel;

  • overseas active duty
  • combat zone

That means, if you fall within one of the two categories above, you won’t be required to file your taxes by the April 15th tax deadline. Additonally, there are other tax credits you may be eligible for. RapidTax is here to help you save time and money when filing!

Overseas Personnel

If you serve outside of the United States or Puerto Rico and you’re on assignment during the tax deadline (April 15), you are granted an automatic two-month filing extension to file.

That means, you have until June 15 to file your taxes. However, you do not have an extension to pay your taxes and must pay your tax liability by the April 15 deadline. Continue reading “Are There Tax Extensions for Military Personnel?”

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The Top Ten States for Military Retirees- Part One

#1 pick for the best tax-free military retirement state goes to the sunshine state of Florida!

Are you thinking about where you want to retire? Maybe you are wondering what state will leave you paying the least amount in taxes when it comes time to file with RapidTax.

Fortunately, there’s a list of states that don’t tax US military retirement pay. Among these military tax exempt states, some are more appealing than others (for a variety of reasons). Below, you’ll find a list of ten states we find most attractive for military retirees to settle in;

The Top Ten states for military retirees, in order from one to five:

#1-Florida : Florida has no state income tax, no tax on benefits, and no tax on retirement income along with no inheritance or estate taxes. Specific tax breaks for seniors include an extra homestead exemption that can be up to $50,000, offered to those who meet certain income limits. Not to mention, Florida offers a variety of  beaches and theme park attractions, meaning the grandchildren will love visiting.

#2-Texas: Following Florida, in close second place, Texas stands as one of the top picks for military retirees. With a tax-free retirement for veterans, the Lone Star State also has no state income tax, does not tax social security benefits, or any retirement income. Tax breaks for seniors in Texas also include exemption from school taxes for homeowners.

Both Florida and Texas not only have tax-free retirement for military retirees, but also both have a variety of Veteran Administration (VA) Medical Facilities. Deciding between the two warm states? The main difference; Florida has a 6% sales tax rate while Texas has a 6.25% sales tax.

Continue reading “The Top Ten States for Military Retirees- Part One”