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Tax Debt Elimination Services for Veterans

Tax Debt Elimination Services for Veterans

By on Feb 6, 2015 in Debt Relief | 0 comments

Tax Debt Elimination Services for VeteransAs 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 government 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. You’ve probably heard time and time again that you’re supposed to add every single bit of income you get regardless of the source on your return. However, this is one case where you don’t have to worry about reporting it because of the way you earned it. 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.

Tax Credits

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. While this doesn’t always happen, this credit should at least help to drop down whatever burden you might be responsible for.
  • 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. In fact, some companies have used this opportunity to pass on their savings to those in their employ. This might represent a chance for you to increase your earning potential.
  • As well as these credits, you might want to look more into special services that the IRS provides for people with a background in the armed services.

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 $55,000 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. In some cases, you might not need access to these volunteers, however, since the IRS has also worked to make the process easier overall with accessible publications.
  • 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. You can visit their site for a full list of publications, which are updated on a regular basis. Keep in mind that if you’re looking for large print forms, then you could also easily scale the accessible PDF files that the IRS provides. While most taxpayers don’t think particularly highly of the IRS, their agents have done a lot to make their unpleasant duty a bit more accessible. You should be able to zoom into any of the files you download from their site.
  • 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. While these positions initially consist of non-paid internship opportunities, they can help on a resume. Eventually, you can be more gainfully employed by the IRS if you so choose. Those who qualify for one or more of three separate special hiring authorities are eligible for an actual job with the IRS. While you might be thinking that you’ve never wanted to work anywhere that has to do with something as unpleasant as taxes, the IRS has done their best to make the transition seamless. This really does represent an interesting opportunity, especially if you’re currently looking to further an administrative career.
  • Free Coaching & Asset Building:

    The IRS and the Bureau of Consumer Financial Protection, Office of Servicemember Affairs have been working together to provide free financial coaching and education asset building. While these programs won’t directly influence your taxes, they are offered through the same agency that collects money from taxpayers. Perhaps most importantly, they represent yet another solid opportunity to inc.

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. Contact us online today and our experienced crews will get to work for you right away.

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