Saturday, March 14, 2009

It's Tax Season

Puerto Rican taxpayers, like their counterparts on the mainland U.S, must do their taxes no later than April 15th. Unless one has earned income from the mainland U.S, or works for the federal government, most Puerto Ricans do not have to file a 1040 form. That's right, the majority of Puerto Ricans do not have to pay federal income taxes. However, Puerto Ricans did get the federal refund last year. This year will be no exception either.

Doing your taxes online is a possibility here, but most people still do it the old fashioned way. This includes yours truly, when it comes to paying local taxes. For some reason, I just don't trust the online system here. Tax forms can be downloaded at the Departamento de Hacienda's website. They are available in both English and Spanish.

This is my second year filing taxes here on the island, which has actually been quite straight-forward and simple for me. While filling out my tax form, as I did last year, it never occurred to me of the various tax deductions which military families are eligible for. One of the questions specifically asks whether you've made a call to a military personnel in a combat zone. I suppose this does make sense, as many Puerto Ricans join the U.S military forces. This is actually an interesting topic which I'll touch upon in a future blog entry.

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