Video Helps Retirees Avoid Owing Back Taxes

Tax forms showing adjusted gross income with checkbook and calculator
Tax forms showing adjusted gross income with checkbook and calculator

According to the IRS, almost half of the unpaid taxes owed by current and retired federal employees are owed by retired military servicemembers. Most often, this is because these retirees don't know enough about their tax obligations.

For this reason, the Armed Forces Tax Council, the American Bar Association and the Internal Revenue Service produced a 13-minute information video outlining steps you can take to ensure you don't end up having a large tax bill after you leave the service.

Click here to view the Federal Taxes After The Military: What You Should Know video.

Highlighted in this short video are instructions for using the IRS online Withholding Calculator -- a valuable tool you can use to project the amount of taxes you owe and allow for the correct amount to be withheld from your wages during the year.

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