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 February 12, 2010

NEWS

McCoy VITA program ready to help military personnel with income taxes

Military taxpayers in the Fort McCoy community are encouraged to take advantage of tax credits for first-time and selected home purchases, new car purchases, energy-saving items in a residence and increased earned income and child tax credits.

The Fort McCoy Volunteer Income Tax Assistance (VITA) program provides free assistance to help military eligible personnel, who include active-duty, retiree and their Family members, complete their returns and use e-file to submit federal and state income tax returns.

PHOTO:Anne Schofield (right) of the Fort McCoy Volunteer Income Tax Assistance program helps Naval Builder First Class (Petty Officer) Kurt Gurley and his wife, Jennifer, with their income tax returns. Photo by Rob Schuette
Anne Schofield (right) of the Fort McCoy Volunteer Income Tax Assistance program helps Naval Builder First Class (Petty Officer) Kurt Gourley and his wife, Jennifer, with their income tax returns. (Photo by Rob Schuette)

Rita Byers, Fort McCoy VITA coordinator, said Fort McCoy’s VITA program is accepting appointments from now through Wednesday, April 14.

Eligible personnel can use the Internet to e-file federal and/or state income taxes free.

Appointments are required to use the Fort McCoy VITA program services and can be made by calling 608-388-2165. Military-eligible personnel with questions about income tax returns can call 608-388-4117.

Taxpayers who purchased a home after 2008 and before May 1, 2010 (before July 1, 2010, if the taxpayer entered into a written, binding contract before May 1) may qualify for a credit of up to $8,000 ($4,000 if married and filing separately) or, if they sold a home, they may qualify for up to $6,500 in credits if certain requirements are met.

In addition, people who purchased a new car after Feb. 16, 2009 may be able to deduct any state or local sales or excise taxes on the purchase. If the vehicle was purchased under the Cash for Clunkers program, the rebate is not subject to income taxes.

Other credits increased for 2009 income tax returns include an additional child tax credit and a residential energy-efficient property credit.

For more information about changes to federal income taxes, tax return instructions and forms, visit the Web site http://www.irs.gov.

State income tax provisions vary by state.

Wisconsin taxpayers will notice the capital gains exclusion on net long-term capital gains — except for gains on farm assets — has been decreased to 30 percent.

For more information about Wisconsin income tax provisions, instructions and forms, visit the Wisconsin Department of Revenue Web site http://www.revenue.wi.gov.

Taxpayers are eligible to e-file income tax returns and get refunds sooner by using the Internet. Many people can e-file free. See the federal income tax Web site or the state income tax Web sites for more information.

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