Tips for Seniors in Preparing their Taxes | Every senior should know!

Current research indicates that individuals are likely to make errors when preparing their tax returns. The following tax tips were developed to help you avoid some of the common errors dealing with the standard deduction for seniors, the taxable amount of Social Security benefits, and the Credit for the Elderly and Disabled. In addition, you'll find links below to helpful publications as well as information on how to obtain free tax assistance.

Standard Deduction for Seniors - If you do not itemize your deductions, you can get a higherstandard deduction amount if you and/or your spouse are 65 years old or older. You can get an even higher standard deduction amount if either you or your spouse is blind. (See Form 1040 and Form 1040A instructions.)

Taxable Amount of Social Security Benefits -When preparing your return, be especially careful when you calculate the taxable amount of your Social Security. Use the Social Security benefits worksheet found in the instructions for IRS Form 1040 and Form 1040A, and then double-check it before you fill out your tax return. See Publication 915Social Security and Equivalent Railroad Retirement Benefits.

Tips every senior and their family should be aware of! To read more, be sure to see this link below: 

https://www.irs.gov/Individuals/Seniors-&-Retirees/Tips-for-Seniors-in-Preparing-their-Taxes

 

Categories: 
Financial Advisors