Since today is Veteran’s Day, we wanted to briefly mention a few tax topics that are particularly relevant for current, discharged, or retired service members.
- Veterans may qualify for free tax preparation services through organizations such as Volunteer Income Tax Assistance (VITA) and Tax Counseling for the Elderly (TCE).
- Many veterans and active-duty service members qualify to claim the Earned Income Tax Credit, which can reduce the tax you owe and potentially even secure a refund for you.
- Retroactive disability determinations can affect past tax returns, potentially increasing refunds owed.
- VA disability benefits should not be included in your gross income.
If you have questions about this information, or if you need answers to other types of tax problems, please don’t hesitate to call. The Price Advantage Accounting team is here to help Orlando-area veterans, service members, and other taxpayers get the professional tax help you need.
To all of our nation’s veterans, thank you for your service. Happy Veteran’s Day!