Veterans should keep their military service records in a secure, fireproof lock box for safety and easy reference.
There are three types of property tax exemptions available to Veterans.
The first is the Veterans Real Property Tax Exemption, which allows vets a partial exemption based upon qualified funds.
Next, there is the Cold War Veterans exemption, but many counties and municipalities have opted out of this program, just as they have opted out of the Alternative Veterans Exemption.
In order to see if you can qualify for any of these exemptions contact the property tax authority in your jurisdiction.
Any military pay that you receive is taxable and not subject to withholding.
So be careful to consider this when determining your annual tax liability.
Also affecting Veterans withholding is the Make Work Pay provision of the American Recovery and Investment Act of 2009.
This act reduces the amount of withholding taken from all workers salaries and has left some veterans owing more taxes at the end of the year than they had expected.
So again, be sure to consider this when determining your annual tax liability.
Veterans who were injured during their service in the military are entitled to education, training and subsistence allowances, disability compensation and pension for disabilities, grants from the Department of Veterans Affairs for homes designed for wheelchair use or those who have lost eyesight along with funds for vehicles or vehicle modification due to disability, Veterans insurance proceeds and dividends including interest on insurance dividends left on deposit with the Department of Veterans Affairs, dependent-care assistance benefits, and death benefits.
Your individual state may offer certain Veterans benefits in addition to those provided by the federal government.
Since these benefits vary from state to state, you will need to research your particular state to determine if it offers any additional Veterans benefits.
If you are a Veteran in search of a job, you may be able to deduct job-hunting expenses on your next income tax return.
Veterans may also qualify for free on-line tax filing through the Internal Revenue Service.
Check the IRS website in order to determine how to proceed with free filing.
As the tax codes change, so do the effects on Veterans benefits.
In order to be sure that you are taking advantage of all the tax deductions, credits, and exemptions offered to you because of your service to your country, contact your local Veterans representative to discuss these tax benefits and how they might apply to your current situation.
There are three types of property tax exemptions available to Veterans.
The first is the Veterans Real Property Tax Exemption, which allows vets a partial exemption based upon qualified funds.
Next, there is the Cold War Veterans exemption, but many counties and municipalities have opted out of this program, just as they have opted out of the Alternative Veterans Exemption.
In order to see if you can qualify for any of these exemptions contact the property tax authority in your jurisdiction.
Any military pay that you receive is taxable and not subject to withholding.
So be careful to consider this when determining your annual tax liability.
Also affecting Veterans withholding is the Make Work Pay provision of the American Recovery and Investment Act of 2009.
This act reduces the amount of withholding taken from all workers salaries and has left some veterans owing more taxes at the end of the year than they had expected.
So again, be sure to consider this when determining your annual tax liability.
Veterans who were injured during their service in the military are entitled to education, training and subsistence allowances, disability compensation and pension for disabilities, grants from the Department of Veterans Affairs for homes designed for wheelchair use or those who have lost eyesight along with funds for vehicles or vehicle modification due to disability, Veterans insurance proceeds and dividends including interest on insurance dividends left on deposit with the Department of Veterans Affairs, dependent-care assistance benefits, and death benefits.
Your individual state may offer certain Veterans benefits in addition to those provided by the federal government.
Since these benefits vary from state to state, you will need to research your particular state to determine if it offers any additional Veterans benefits.
If you are a Veteran in search of a job, you may be able to deduct job-hunting expenses on your next income tax return.
Veterans may also qualify for free on-line tax filing through the Internal Revenue Service.
Check the IRS website in order to determine how to proceed with free filing.
As the tax codes change, so do the effects on Veterans benefits.
In order to be sure that you are taking advantage of all the tax deductions, credits, and exemptions offered to you because of your service to your country, contact your local Veterans representative to discuss these tax benefits and how they might apply to your current situation.
SHARE
