As is customary when a new year starts, there have been many reminders of tax season floating around. This might not be the most pleasant things you will have to do this year, but thankfully, it does come to an end. In the meantime, here are 4 tips for seniors preparing their taxes.
- Take time to check the IRS website and your state of residence government website for any changes to tax laws that affect you. Things change quite often and government agencies expect tax preparers and taxpayers to know what applies to them. You might even find that the deduction amounts and available credits are more in your favor this year!
- Remember that scammers love this time of year, so beware. Be sure not to give your personal information to anyone that solicits you and offers services. Companies might call you claiming to be able to get you a bigger refund, faster. And others might pretend to be the IRS, who actually never make unsolicited contact requesting your social security number or anything else.
- Keep in mind that there are programs that might be able to prepare your taxes for free. The IRS website has information about Volunteer Income Tax Assistance Program (VITA) and the Tax Counseling For The Elderly Program (TCE). In fact, whether you prepare your own taxes or get help, it is wise to speak with a profession before filing.
- Now is the time to get ready for next year. If you haven't already done so, try to start forming good habits by keeping well-organized records. Whatever your circumstances are, if you receive social security, run a pet care service, or anything else, be sure to maintain receipts and other documents in a safe, easily accessible, place, whether they are in paper or electronic form.
Tax season can be stressful but it is a satisfying feeling when you get everything done successfully and accurately.
At Caring Senior Service we are always ready to help seniors and their families by providing professional advice and services. As you consider ways to give support to your aging parents or relatives, consider including us in your plans. Contact our care team today!