FEBRUARY 25, 2025 — With about 50 days before the 2024 tax season deadline, a Fort Knox Army Community Service Financial Readiness Program specialist is reminding individuals to get organized and begin planning for how to maximize their return in 2025.
“The number one thing that I see is that people are not organized,” said ACS Financial Readiness Program specialist Dwan Payne. “They put it on the back burner, and then all the paperwork that is involved – income information, expense information, tax deductions, tax credits, etc. – is cluttered.”
Payne said that all tax forms should be kept co-located throughout the season to streamline the process, and she recommends keeping them filed away after tax season in case of an audit.
National Tax Day, the deadline for 2024 tax filing, is April 15 for those without approved extensions from the Internal Revenue Service (IRS).
“Some individuals are more financially savvy than others; many that I’ve talked to have already filed their taxes,” said Payne. “When I ask who they’re going to [use for tax preparation support], most do say Military OneSource, but a lot of them use outside sources that are costly.”
According to Payne, individuals tend to use national online and in-person tax preparation services, but she advises them to consider the Military OneSource MilTax service because it’s free, easy to use and there’s access to an expert tax consultant for questions and concerns about the process. Those interested in taking advantage of this resource can call Military OneSource at 800-342-9647 or utilize the live chat option to verify eligibility and schedule a meeting.
Those looking to make the most of their returns can also set up a meeting with Payne before or after their return arrives to build it into their 2025 spending budget.
Payne said she recommends putting tax refunds and other extra income throughout the year toward one’s retirement fund, such as a Thrift Savings Plan, or a general savings account.
“What’s your concept of thinking towards that refund,” Payne asked. “Do you understand the difference between saving and investing?’ There’s saving for your emergencies, then there’s investing for your future.
“As time progresses, when you have that extra money, when you get those bonuses, when your pay step increases, take that extra money that’s now available and apply it towards your future.”
Editor’s note: For financial assistance, individuals can call the Fort Knox Army Community Service Financial Readiness specialist at 502-624-1789. To apply for an IRS tax filing extension or for questions, follow the link to the official IRS website.
Visit Fort Knox News at www.army.mil/knox for all of Central Kentucky’s latest military news and information.
Story by Savannah Baird
Fort Knox