In the US, veterans who become ill or wounded while serving in the military and veterans whose service aggravated an existing ailment are eligible for VA disability compensation. In addition, you may qualify for VA disability payments if you have a medical condition (such as a chronic disease or injury) or a mental health condition. Finally, in addition to VA disability payments, there is the possibility that you qualify for extraordinary tax relief, which could be worthwhile to research.
Were you aware that veterans who served during wartime receive unique benefits from the government? These include free health care, housing assistance, education funding, and more. In addition, they also get access to discounts at certain stores and restaurants.
Veterans who served during WWII, Korea, Vietnam, or other wars qualify for these benefits. The Veterans Administration (VA) administers the program. They provide information about eligibility requirements, application forms, and filing deadlines.
You might be eligible for Veteran’s Exemption if you served as a veteran. You might qualify to fill in the form and deliver supporting documents. However, filing for tax relief can get complicated, and you want to ensure you get everything you’re entitled to. We’re here to help you with a team of professionals who know how to go about requesting tax relief.
Tax relief for disabled veterans
The Disabled Veterans’ Exemption reduces a veteran’s principal dwelling property tax obligation if they fulfill the standards and are 100% disabled due to a service-connected sickness or injury or receive 100% unemployment compensation. An eligible veteran’s unmarried surviving spouse may also petition for the exemption.
The basic exemption, commonly known as the $100,000 exemption, is accessible to all eligible applicants. The exemption amount is compounded yearly by an inflation factor. For example, in 2018, the baseline exemption amount was $134,706.
Low-Income exemption The low-income exemption, also known as the $150,000 exemption, is granted to eligible claimants whose yearly household income does not exceed a certain income level. The amounts for the low-income exemption and the annual income limit are compounded annually by an inflation factor. For example, in 2018, the low-income exemption amount was $202,060, while the yearly family income limit was $60,490.
This Disabled Veterans’ Exemption is more favorable than the Veterans’ and Homeowners’ Exemptions.
However, to qualify for this tax relief, some qualifications are necessary. For example, the veteran must fit the description of a disabled veteran. In addition, the disabled veteran or the veteran’s unmarried surviving spouse may file a claim for the exemption. Finally, the property on which the exemption is claimed must be the claimant’s primary home. Veterans also qualify in some cases when having a permanent and total disability rating based on individual unemployability paid at the 100% disability rate.
As a ‘disabled veteran,’ you have to be legally blind in both eyes. Blindness in both eyes is defined as visual acuity of 5/200. Another qualification is that the veteran has lost the use of two or more limbs. Loss of use of a limb indicates that the limb has been amputated. These are just some guidelines that come with filing for veteran tax relief.
For veterans to obtain the total amount of the primary or low-income exemption as of the date the claimant or property qualifies, they must lodge the initial claim within 90 days after the qualifying event. Therefore, it is crucial to get in contact directly with a professional that can help you with the specifics of filing a request for veteran tax relief.
IRS Tax Relief
The fresh start program is another way for veterans to benefit from IRS tax relief. It consists of installment agreements, offers in compromise, penalty abatement, and tax lien avoidance. Individuals and businesses have benefited from this program saving tens of thousands of dollars. Qualifications will usually require documentation such as student loan statements, insurance claims, medical records, birth certificates, and a detailed explanation of your situation.
If you’re not ready to retire
Even if you are currently in the army, there is still hope to receive tax benefits. First, to be eligible for certain Armed Forces benefits, you must have served on active duty or in a reserve component. You must be a taxpayer interested in obtaining tax information and assisting with tax preparation.
Officers and enlisted soldiers in all regular and reserve forces overseen by the Secretaries of Defense, the United States Army, Navy, Marine Corps, and Air Force comprise the United States Armed Forces. The Coast Guard is also listed as part of the Department of Homeland Security. While the United States Merchant Marine and the American Red Cross are not covered, they and other support troops may be eligible for tax deadline extensions due to their duty in a battle zone.