Key Tax Benefits Available to Veterans
Below are a few highlights of the various tax benefits available to veterans. This list is intended only to broadly illustrate the types of benefits available. The list is not exhaustive. We encourage all veterans to take advantage of these valuable programs, and thank all veterans for their service.
Overall, the range of federal, state and local tax credits, deductions, exemptions, exclusions, and incentives are intended to provide tax assistance to veterans and their families. However, the rules can be technical and raise many questions, such as: are you eligible? Is your spouse eligible? What documentation do you need to prove eligibility? How do you claim the benefit? Have the rules recently changed from prior years? Are the benefits available at the state or local-level?
Veterans should therefore feel comfortable in seeking the assistance of a tax professional before claiming tax benefits or filing tax returns or amended returns based upon veteran status or disability determinations. Claims based on improper interpretations of the tax law could subject a veteran to liabilities for back taxes, interest, and penalties. More importantly, these tax breaks are intended to assist veterans and their families, and professional advice may help ensure veterans are claiming all tax benefits properly available to them. Here at CohnReznick, we consider it an honor to assist veterans with these issues.
Any advice contained in this communication, including attachments and enclosures, is not intended as a thorough, in-depth analysis of specific issues. Nor is it sufficient to avoid tax-related penalties. This has been prepared for information purposes and general guidance only and does not constitute legal or professional advice. You should not act upon the information contained in this publication without obtaining specific professional advice specific to, among other things, your individual facts, circumstances and jurisdiction. No representation or warranty (express or implied) is made as to the accuracy or completeness of the information contained in this publication, and CohnReznick LLP, its partners, employees and agents accept no liability, and disclaim all responsibility, for the consequences of you or anyone else acting, or refraining to act, in reliance on the information contained in this publication or for any decision based on it.
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