Veterans Often Don't Know About Exemptions
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There are a couple new exemptions for veterans. Ken Moore joined YNN Friday to discuss some that veterans can apply for.
Moore explained, “It’s for anyone who served in the armed forces on active duty, it’s not just for those who went to war. So, there’s two exemptions. One is the alternative tax exemption, which is for veterans that served in a time of war such as World War II, Korea or Vietnam. Those exemptions are for if you served in that period of time, it’s 15 percent, and if you went to war during that time it’s an extra 10 percent and if you have a service related disability it’s another half of that percent."
“What that means is, if you served during Vietnam and are 50 percent disabled, you get 25 percent for being in the Vietnam War and half the percentage in says value.”
“There’s also the Cold War exemption, which is for anyone who served active duty between Vietnam and the Gulf War in Korea. During that peace time era there’s an alternative tax exemption for them, which is generally 15 percent and half your disability percentage.”
“A lot of veterans get confused that it has to do with a star. It has nothing to do with a star; the star is an additional reduction.”
Moore says many veterans are unaware of the compensations they can apply for.
“There’s a huge number of veterans that don’t know about this and the way the economy is today, it’s important to do that. It’s a simple thing; you take your discharge paper or disability certificate to your tax accessor and tell them you want the veterans’ exemption and they’ll process that for you. It’s something everybody should do.”