Veteran Tax Information

12

SEPTEMBER, 2018

Finance
Taxes
Veterans

Being a retired veteran has its tax and retirement benefits but knowing what exactly what is taxable and what is not taxable is a wealth of knowledge to understand and keep you from falling into a pithole.

Any member of the Armed Forces, Public Health Service, Commissioned Corps of National Oceanic & Atmospheric Administration regardless of status, is still responsible for submitted taxes before the April due date. However, there are some exceptions in which can apply to certain service members.

DEADLINE FOR ACTIVE MILITARY PERSONELL: 180 Days after last day of being hospitalized or the the last day serving in combat.
This would apply to anyone that had lost time to be able to file and are granted the extra time.

You can however can qualify to receive a 3 1/2 month extension. Here’s how.

-If you are a service member in actual combat or contingency operations. In other words you have to be a current serving member to qualify.

You can get an automatic 2 month extension to file your taxes if you fall under any of the two criteria

-are posted outside the U.S. or Puerto Rico
-Live outside the U.S and maintains a business outside the U.S. or Puerto Rico
Note: If you are trying to receive an automatic 2 month extension, you will need to attach a statement regarding which situation applies to your case.

Staying on top of new annual tax news for veterans can benefit you in so many ways

Knowing what is Taxable when you are a veteran can help you decrease the risk of you falling into tax fines for not paying income on certain items. Here are a list of items that are taxable and non taxable items if you are a current veteran.

TAXABLE ITEMS

– Retirement Pay – Any retirement pay that you receive is taxable income.
– Severance Pay – Any Severance Pay that you are entitled to, right when you are discharged
– Health Care- If you require services under the VA(Veterans Affairs) the following are taxable:
+Hospital
+Out Patient
+Dental
+Pharmacy
+Prosthetic Services
+Nursing/Community care services relating to MST
+Any readjustment therapy
+Homeless Veteran Programs
+Any alcohol & drug dependency programs and more.

NON TAXABLE ITEMS

+Disability Pensions
+Disability Compensation
+Education & Training
+Dependents & Survivors
+Life Insurance
+Housing Grants
+Compensated Work
+Therapy and more

It is always very important to stay on top of what is happening with current and new tax laws that come into play. You never know when a really good tax law can benefit veterans once more. Having this mindset of keeping up can really help you save lots when it really matters.
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