Each year, Americans file their taxes in hopes of receiving an income tax refund. Often times, there is a cost associated with filing taxes. Veterans and members of their family qualify for free tax preparation. Utilizing this free service is a great way to save money during tax season.
Free tax preparation is available to veterans through Volunteer Income Tax Assistance (VITA) offices at military installations. VITA tax preparers provide veterans with optimal customer service and can answer financial questions or provide advice. These tax preparers are also very knowledgeable about tax credits and deductions and can help veterans determine their eligibility.
Veterans who have disabilities, medical conditions or injuries that occurred during active military service, regardless of when they served, may qualify for disability compensation. Disability compensation is a monetary, monthly benefit. The money earned through disability compensation is tax free.
In order to claim this benefit, veterans must provide proof that they have a physical or mental disability and that they’ve had an injury or disease while in service or at an event in service. Veterans must also provide discharge or separation papers, service treatment records and supporting statements, and private medical provider records if applicable.
To apply for disability compensation, veterans can submit all supporting document online in a Fully Developed Claim (FDC) at eBenefits.va.gov. Veterans can also apply by mail.
Veterans and their families may be entitled to benefits at the time of their death. Military families can request a U.S. flag to place on top of their loved one’s casket from the Department of Veterans Affairs. Families can also request a Presidential Memorial Certificate, headstone or marker.
These benefits are available through the department of Veterans Affairs and can be accessed at one of 136 national cemeteries for veterans. >> Learn more about burial benefits.
Let Military Saves help you save money so you can feel confident about your finances. It all starts when you make a commitment to yourself to save. Take the first step today and take the Military Saves pledge to save money, reduce debt, and build wealth over time. And it doesn't stop there. Military Saves will keep you motivated with information, advice, tips and text message reminders to help you reach your goal. Think of us as your own personal support system.
We'd like to thank all retired service members for their dedication to our country. Here are three benefits every veteran should know about. v/@MilitarySaves! http://bit.ly/2AWbJcx