As a Veteran, you carry a sense of honor. Serving your country is a privilege you don’t take lightly.
It applies that your country reciprocates by honoring you with, among other things, special tax benefits as a Veteran. Your benefits apply specifically to the preparation and filing of your taxes.
Help where it’s needed
The IRS looks out for you. They partner with local and federal government programs to provide you information about your income taxes, tax credits, and related tax benefits.
Most of these assistance programs are free. A 2015 memorandum was provided by the IRS and the U.S. Department of Veteran Affairs that focused on providing free tax preparation services to Veterans and their families. Low to moderate income families benefit as well.
Eligibility to you, as a Veteran (whether deceased or disabled), also extends to:
- Your spouse
- Your children
- Your parents
Credit where its due
Various tax credits are available to you as a Veteran too. One is the Earned Income Credit.
This is a refundable federal income tax credit for those with low to moderate earnings and working individuals and families. Requirements must be met before you can take advantage of the credit and you must file an income tax return even if you do not owe or aren’t required to file one.
As a Veteran you can claim a federal tax refund. Your refund comes as the result of:
- An increase in your percentage of disability as a Veteran from the Department of Veteran Affairs
- Or as a combat-disabled Veteran you can apply for and receive combat related special compensation after you’ve received concurrent retirement and disability.
Other adjustments can also be made to your tax return as a Veteran. For example, some considerations can provide you the opportunity to file an amended tax return.
Remember, it’s not necessary to include your entitled VA disability benefits in your gross income amount. Those benefits could include:
- Compensation for disability and pension that’s paid to you (a Veteran) or your family
- A grant you received to make your home wheelchair compatible if necessary
- A grant that provides you motor vehicle transportation as a Veteran who’s lost eyesight or the use of of your arms and/or legs
- Any benefits that are connected to a dependent-care assistance program
Your tax-time tips as a Veteran
- Use available free tax services
- Remember all the credits and deductions available to you
- Maintain and have easy access to your Veterans records and relevant documents
- Be aware of your eligibility for certain Veterans benefits
- Monitor your tax liability
- Stay current with any tax benefit changes each year
Follow these insights for starters. And as a Veteran, seek help and solutions to make sure you’re honoring your tax responsibility and that you’re being honored with the benefits that are due to you.
Contact me about Services provided for Veterans and military personnel including your income tax questions. Visit my website for more information.