Tax Tips for Seniors
Rhode Island Aging Care enables seniors to live happy, healthy, and independent lives in their own homes.
There are many ways seniors can lower the amount of tax they are required to pay. By doing so, seniors will get a higher return and may end up getting all of their tax money back after they file. To make use of these deductions, seniors should talk to a professional to determine what they can claim on their taxes. The following information may also be useful when filing.
1. There is a tax credit available to elderly tax payers and those who are disabled. In order to be eligible, the individual must be over the age of 65 by the end of tax year in which they wish to claim this credit. Disabled individuals may need to meet certain requirements before getting this credit. Those who receive disability income that is taxable will qualify.
2. Non-traditional lifestyles can have an effect on taxes. Most seniors lead a traditional lifestyle; however, there are some who do not. Gay and lesbian couples are not allowed to file their taxes jointly or as a married couple. This means that these couples will not get the tax break that is offered to those who are in a traditional marriage.
3. Some seniors may require assistance getting their paperwork in order before filing. If a senior has a caregiver, this person may be helpful in collecting receipts and documentation that is needed to claim deductions and exemptions. Seniors can also receive free tax assistance from AARP Tax-Aide.
Source: updatefrom.com
Image: johnsonhl.wordpress.com
Home Instead Senior Care in Rhode Island provides non medical home care services for seniors and the elderly who choose to live at home instead. Please call us for more information on our in-home care services at 401-667-2923.
