Only 7% of the US population has served in the military. Chances are, however, you or someone you know has served.
For the military, our jobs are to serve the country. This can sometimes come at a price. Many times, we didn’t have control over where we were stationed, what we did, when we worked, and when we moved. We were separated from loved ones. We missed birthdays and holidays with friends and families. We had good days and bad days. While serving, the military provides a variety of support systems, but once we separate or retire, that support system goes away. There are, however, many companies or organizations which support those who have served.
Here are 6 money tips for veterans.
1. VA Disability Rating
There are many monetary, medical, and other benefits to having a disability rating. Make sure you get everything documented in your medical records before you separate or retire. Even a rating of 0% can help. A 10% rating allows you to waive your VA funding fee if you get a VA home loan. Go to https://www.va.gov/disability/ for more into. Your local DAV (Disabled Veteran organization) https://www.dav.org/veterans/find-your-local-office/ and American Legion (https://www.legion.org/veteransbenefits/departmentofficers) are 2 places you can get help free of charge to submit a claim.
2. State Taxes
Your local state may not tax military retirement. Nebraska is a state where this just changed. Military retirement will no longer be taxed starting in 2022. Check out this site for state by state rules https://themilitarywallet.com/military-retirement-pay-tax-exempt/
3. Capital Gains tax exclusion 10 year extension
The normal capital gains tax exclusion happens if you lived in a house 2 of the previous 5 years. That means you don't have to pay capital gains taxes on the profit of selling your house if certain requirements are met. This is up to a certain amount of profit. If the military required you to move, the tax exclusion gets extended 10 years. That means you have to have lived in the house for 2 of the previous 15 years. Talk with a professional to see if you qualify in addition to the IRS Publication 523, Eligibility Step 5. Also, check with this site for more info https://www.militaryonesource.mil/financial-legal/tax-resource-center/special-tax-considerations/income-tax-and-rental-properties-when-military/
4. Veterans Day deals
There are many deals, discounts, and donuts for veterans. Go to https://www.liveabout.com/veterans-day-free-meals-1357348 or search online for local deals
5. Every day veterans deals
Many places like AT&T, Verizon, Apple, Microsoft, Disney, Amtrak, car dealerships, Home Depot, Lowe’s, in addition to some restaurants and fast food places have daily or weekly discounts. It doesn’t hurt to ask, particularly if it’s an expensive purchase. Check this site out for deals https://www.dealnews.com/features/discounts/military-discounts/
6. Free national parks passes
Active duty, veterans, and Gold Star families can get free annual passes to national parks. Disabled veterans can get a free lifetime national parks pass. Check out this site for more details https://www.nps.gov/planyourvisit/veterans-and-gold-star-families-free-access.htm
Spark Financial Wellness is a Service Disabled Veteran Owned Small Business focused on financial coaching helping individuals improve wherever they are. We also teach financial wellness classes to businesses and organizations. For more information, go to https://www.sparkfinancialwellness.com/