G&G Associates Tax & Financial Consulting
e-Newsletter
Amended Taxes for Service Connected Disabled Veterans
Hotep (Peace & Blessings) G&G Readers,
As usual…I'm out looking for ways for G&G Readers to make money and in this case save money. This time you can save money right through the good old US Treasury.
If you are a member or former member of the uniformed services of the United States (as defined in 37 U.S.C. 101(3)) who has made an election under Subchapter I of Chapter 73 of Title 10 of the U.S. Code (also referred to in this section as the Retired Serviceman's Family Protection Plan (10 U.S.C.1431)) to receive a reduced amount of retired or retainer pay, gross income shall include the amount of any reduction made in his retired or retainer pay then you may be able to take advantage of this tax deduction. The Regulation of the tax code I'm referencing is 26 Code of Federal Regulation (CFR) Section 1.122-1.
Ok… so what does all this mean? Let me break it down to you in pilot terms or better yet give it to you from the 20,000 ft. view. If you retired from the military with 20 years or greater time in service "AND" you are a disabled veteran rated 90 percent or less then you possibly may be eligible to use this regulation to amend your taxes with the IRS and get back a sizeable refund. This tax break would apply to your Federal and State tax returns.
Now, this rule has been in place for years but if you don't claim what's rightfully yours, then sometimes what you don't know can actually hurt you or at least your pockets.
Unfortunately, the IRS only lets you go back 3 years to amend your taxes. So, it's possible that if you wait until after April 18, 2011 to make your claim you could possibly miss out on claiming a refund for your 2007 taxes if you retired prior to then and are eligible to utilize the deduction.
If you'd like to have your taxes amended (Federal and State) and possibly receive a refund, please get in contact with me ASAP and I'll tell you what I need to see if you are eligible to take advantage of this deduction.
Click on the link below to review 26 CFR 1-122.1 so you can hopefully gain a better understanding of this benefit.
http://www.gngassoc.com/pdf/26cfr.pdf
Please pass this information along to other service connected disabled veterans so that they can be made aware of this great tax benefit.
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If you need a one-on-one consultation to evaluate your financial situation, contact me to setup an appointment and get 2011 started off on a good note.
As always…feel free to pass this info on to anyone who may be interested in increasing their financial IQ.
Thanks for reading,
Ankh Uja Snb (Life, Health, Strength),
Asar Gary Gray
Tax & Financial Consultant, RFC
G&G Associates
757-251-0174 office
866-361-3872 toll free fax
www.gngassociates.net
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LEGAL NOTICE: This work is based on SEC filings, current events, interviews, corporate press releases and what I've learned as a financial consultant. Nothing herein should be considered personalized investment advice. It may contain errors and you shouldn't make any investment decision based solely on what you read here. It's your money and your responsibility.
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