Tax Debt Elimination Services for Veterans
As a veteran of our armed forces, you have served our country and provided valuable years of your time and effort protecting the United States of America. You know that you are entitled to a wide variety of governmental services and support, but you may be wondering whether you are eligible for any tax benefits.
The short answer is YES.
For starters, you should not include any benefits that you receive from the VA as income on your federal tax return. In addition, we have gathered other potentially helpful information that may help you determine which benefits you should make sure to take advantage of as tax time rolls around.
There are many tax credits that you may qualify for as a veteran of the armed forces including:
- Earned Income Tax Credit: This refundable federal tax credit is available for low to moderate income working individuals or couples (especially those with children). The amount of the earned income tax credit varies and is dependent on your income level and the number of children you have. In some cases, the tax credit exceeds the amount of taxes you owe, resulting in a refund on your tax return.
- Work Opportunity Credit: This is a credit that is given to employers who hire veterans. This encourages employers to look hard at giving jobs to our loyal veterans who have already given so much to our country. While this might not save you on your own tax return, it is helpful to know about the credit so you can find out what employers in your area use it.
Tax Services for Veterans
The IRS also offers many services to veterans that can assist them with preparing and filing annual returns:
- Volunteer Income Tax Assistance Program: Veterans who make less than $53,000 or suffer from a disability may qualify for assistance from the Volunteer Income Tax Assistance Program. As a part of this program, IRS certified volunteers assist individuals and provide basic tax support including electronic filing.
- Accessible Forms and Publications: The IRS is also committed to providing individuals with a disability that requires them to use assistive technology with file formats that can be viewed and downloaded in braille ready format, large font, or accessible via PDF or text only. Visit the IRS Website for more information.
- IRS Veterans Employment Program Office: This office was established to provide veterans with training and even work experience that will help them be employed by the IRS.
Success Tax Relief Will Help You Find Tax Benefits That Match Your Situation
The IRS really does a good job in its support and offerings for veterans. The key is to know where to look for this support and how to maximize those benefits so that you can eliminate tax debt and keep more money in your pocket. Our team of tax professionals knows all current tax laws and is very happy to assist veterans with their annual tax returns when needed. Give us a call for a free, no risk consultation at 1-877-958-6638.