• By Karin Price Mueller NJMoneyHelp.com for NJ.com

What veteran tax breaks are available in New Jersey?

Updated: May 18


Q. I am a Korean War veteran. What veteran tax breaks are available?

— Still working

A. Thank you for your service.

New Jersey offers several benefits to veterans.

In 2016, New Jersey increased the tax on gasoline.

That bill had a number of other items tacked onto it, said Bernie Kiely, a certified financial planner and certified public accountant with Kiely Capital Management in Morristown.

Want more personal finance news? Enter your email address to be the first to know:

One was a new income tax deduction for all veterans who have served on active duty and have an Honorable Discharge from the armed forces, National Guard or reserves, he said.

“This deduction is actually an additional personal exemption,” Kiely said. “For tax years 2017 and 2018 the exemption was $3,000. For tax years 2019 and after, the exemption is $6,000.”

Kiely said New Jersey allows you a personal exemption for simply being alive. There is an extra exemption for being over the age of 65 and for being blind or disabled. You are also eligible to claim an exemption for each dependent and for dependents under the age of 22 who are attending college, he said.

“New Jersey also allows a $250 credit for real estate taxes paid on your principal residence,” he said. “This credit has been around for a very long time. To get the credit you have to apply for it at your town’s real estate tax collector’s office.”

Email your questions to Ask@NJMoneyHelp.com.

Karin Price Mueller writes the Bamboozled column for NJ Advance Media and is the founder of NJMoneyHelp.com. Follow NJMoneyHelp on Twitter @NJMoneyHelp. Find NJMoneyHelp on Facebook. Sign up for NJMoneyHelp.com’s weekly e-newsletter.

#Veterans #IncomeTax

DISCLOSURE

CONNECT WITH US:

  • facebook-square
  • linkedin-square

Phone: 973-455-1894 | 51 Dumont Place, Morristown, NJ 07960 | Get directions!

Kiely Capital Management offers financial planning and investment advice. Serving Central and Northern New Jersey, Yvonne and Bernard (Bernie) Kiely provide over 25 years of experience offering discretionary asset management, retirement planning and income tax preparation. KCM is registered with the State of New Jersey as a Registered Investment Advisor.

 

“The only thing we sell is good advice.”

© 2018-2020 Kiely Capital Management Inc. All rights reserved.

Website Design by VIP Solutions.biz