Special Tax Considerations for Disabled Veterans

tax issues for disabled veteransMay is Military Appreciation Month, a time for Americans to honor the current and former members of the armed forces, including those who have died in the pursuit of freedom and peace.

The IRS is committed to providing assistance to veterans of all types, including those with disabilities.

In fact, they’ve dedicated a page on their website to disabled veterans, covering federal tax-related information about tax credits and benefits, tax preparation, and asset-building opportunities available to them. Here are a few key points listed:

  • Many disabled veterans are eligible for various tax credits, including the Earned Income Credit, a refundable federal income tax credit for low- to moderate-income working families and individuals.
  • The IRS is committed to making every document on its website accessible to everyone, including veterans with disabilities. If you need help accessing these products, visit their Accessible IRS Tax Products page.
  • Special tax considerations for disabled veterans occasionally result in a need for amended returns.
  • VA payments to hospital patients and resident veterans for their services under the VA’s therapeutic or rehabilitative programs are no longer included  as income for tax purposes.

For more information about these and other important tips and resources, click here.

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About cozbycpa

Heather L. Cozby is a CPA on the South Shore and Cape Cod. The managing partner of Cozby & Company, LLC, Heather has the resources and experience necessary to provide quality professional services on a timely basis and at a reasonable cost. She specializes in tax planning & preparation; audit, review & compilation services; management advisory services; bookkeeping; and accounting. Her unique niche is in working with homeowners’ associations and condominium trusts, advising with rental real estate, and providing outsourced financial consulting for mid-sized companies. She is more entrepreneurial than most accountants, and offers the best of both worlds - providing the services of a larger firm while retaining the ability to connect with her clients on a personal level.
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