Fernando Machado, CPA is based in Pasadena, CA. His specialty lies in streamlining, organizing, and automating small businesses so that, as a business owner, attention is only required for the core business functions that entrepreneurs know and love. If you're a U.S. service member wounded in combat and your wounds are severe enough that you can no longer serve in the military, you could be entitled to a lump-sum severance payment from the Department of Defense.
For those veterans who received this check through 2016, a substantial amount of their disability severance pay was withheld for taxes. Of course, thousands of veterans have yet to receive any notice or instructions, but the law remains the same. The second method is to use a simplified method providing a flat fee depending on the year in which the payment was received.
The actual amount, however, could be much more than the simplified method, so it's imperative that veterans contact a tax professional to secure tax transcripts and any other data regarding the year in question so as to file the most accurate and beneficial claim possible.
For those veterans who received this check through 2016, a substantial amount of their disability severance pay was withheld for taxes. Of course, thousands of veterans have yet to receive any notice or instructions, but the law remains the same. The second method is to use a simplified method providing a flat fee depending on the year in which the payment was received.
The actual amount, however, could be much more than the simplified method, so it's imperative that veterans contact a tax professional to secure tax transcripts and any other data regarding the year in question so as to file the most accurate and beneficial claim possible.
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