militaryDon’t forget to thank an American hero on November 11th. Whether you have plans to get involved with a military organization, visit a local veterans’ hospital or attend a parade, show respect and appreciation for the brave men and women who have protected our way of life.  

For all veterans and active duty military, many restaurants and retail stores are offering amazing discounts over the holiday weekend, including Monday. During tax season, Liberty Tax® offers FREE tax preparation for active duty military and veterans during the week of February 17th through February 23rd. Liberty will prepare tax returns free of charge to those veterans, active military and their immediate family members who are first-time customers at participating offices. 

Even more important than the Veteran’s Day sales are the exclusive credits and deductions that veterans and service members can also take advantage of during tax time (see the IRS’ complete Armed Forces’ Tax Guide). Certain benefits are excluded from being taxable income, such as:

  • Bonus pay from serving in a combat zone
  • Education and training allowances
  • Disability and pension payments to veterans or their families
  • Insurance proceeds paid to veterans and their families
  • Grants for vehicles or homes tailored to injured veterans lists important tax information for veterans and military members. Additionally, the Department of Veteran Affairs outlines other tax benefits that are offered to injured vets.

Take time out of your day to recognize those who have served our country. Liberty Tax® gives a special salute to our veterans and Armed Forces. For veterans or service members who may have questions about deductions or credits that you may qualify for, find a Liberty Tax® office near you or call 1-866-871-1040.

Disclaimer: Every effort has been taken to provide the most accurate and honest analysis of the tax information provided in this blog. Please use your discretion before making any decisions based on the information provided. This blog is not intended to be a substitute for seeking professional tax advice based on your individual needs.