Before we start talking about tax benefits for veterans, we want to say five simple words: “Thank you for your service.”
That sentence will never be enough, but it’s a start—a small way of thanking those who put themselves on the line.
We could all probably do more to thank the service men and women who have dedicated their lives to our country. Regardless, we’re still grateful to have holidays like Veterans Day that can bring attention to this sacrifice.
While the IRS won’t wipe away a significant tax debt because of military status, there are a number of tax credits and other finance-oriented benefits the IRS provides that can sharply reduce your tax obligation—and in some cases, put a refund into your pocket!
In the spirit of Veterans Day, we wanted to share some of them. The IRS has a short list located on its website, so we’ve added to that list and broken them down. So read on, and if you know a veteran who may benefit from this information, pass this article along!
Technically, there aren’t tax credits specifically designed for veterans, but there are a few credits the IRS points out that many veterans do take advantage of—and they can save you some serious money.
One of the best ways to prepare yourself for the future is to get a financial coach; there are multiple programs that assist veterans with reaching their financial goals.
Assuming someone make less than a certain income in a given year, a taxpayer can get access to free tax filing software through IRS Free File. However, if you want someone to prepare your taxes for you, you’ll typically need to pay.
Through the Volunteer Income Tax Assistance or Tax Counseling for the Elderly programs, some veterans may qualify to have their taxes prepared for free by IRS-certified volunteers. They can help walk you through credits and maximize your refund!
A life-changing injury or disability can be an incredibly challenging part of your life following your service; veterans who are receiving disability compensation or who have suffered combat-related injuries can usually receive some tax relief.
Many states also offer tax benefits and credits for veterans and service members. You may need to check with your local VA or state tax body for details, but they can help you unlock even more tax savings—or even a refund.
These programs aren’t the only tax benefits for veterans the IRS recommends, but they still help millions of veterans with their taxes every year. If you’re struggling with tax debt, we hope you’ve found a program you can use to reduce your tax debt and fight back against the IRS.
Of course, we’re always here to help. But even if you aren’t dealing with tax debt, we know how great a feeling it can be to file a great return—and get a big refund. You’ve proudly served; now let the IRS serve you.
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