How to Make Tax Season Less Taxing: 3 Tips for Seniors

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Many people on the other side of retirement age have opted to boost their income by becoming seniorpreneurs. In addition to having more money in the bank, The Business of Aging notes that other bonuses include being more active and productive, reducing isolation, and doing what you love. And there are a plethora of types of businesses to start up. The only downside to success as a seniorpreneur, however, is having to file and pay taxes.

Tax season is perhaps the most dreaded time of the year for most people - but it doesn’t have to be. Did you know there are many tax breaks for seniors? Taking advantage of these tax breaks can make the upcoming tax season a more enjoyable experience for many seniors. You’ve already got enough on your plate in life. Who has time to worry about taxes, deadlines, and whether you owe money to the government? As Yoko Ono once said, “The thing that would most improve my life is 27 hours in a day. I could meet all my deadlines!”

Although you may not have 27 hours in a day, you do have an article full of tips for how to find tax breaks in your Golden Years. Read on for some tips and tricks from AccuTax Pros to make this year’s tax season a little easier on your sanity - and your wallet.

Tip #1 - Free Tax Preparation and Filing

Did you know that millions of American seniors are eligible for free tax preparation and e-filing? CNBC points out that over 100 million people are eligible to use free tax software provided by the IRS. If your adjusted gross income is $57,000 or less, you might be eligible. The best part? You can prepare and file your taxes for free from the comfort of your own home. To see if you might be eligible, visit the IRS website: http://www.irs.gov/freefile. Better yet, to ensure the job is done accurately and to maximize your return, have experts like AccuTax Pros prepare and file taxes for you.

Tip #2 - Tax Breaks for Seniors

Could you be one of the millions of American seniors who are eligible for special tax breaks this year? One of the many benefits of being in your Golden Years is that you can potentially enjoy a variety of tax breaks. Many seniors like yourself can enjoy tax breaks on home sales, retirement contributions, and even visits to the doctor or dentist. If you’re not sure where to start, it’s a good idea to have a professional accountant review your tax documents to determine whether you might qualify for any tax breaks.

Tip #3 - Can You Stop Filing Taxes?

Most people dread filing taxes each year, a source of stress that can be mitigated if you work from home by first clearing the living and working space of sources of anxiety. Clutter and disorganization are big culprits, so make it a point to take action by decluttering, filing away paperwork that’s accumulated on your desk, and even introducing a few houseplants.

Another destressor is the relief knowing that some seniors no longer have to file taxes. Although most seniors do legally have to file taxes, there are a few exceptions. For instance, tax preparation website eFile states that seniors don’t have to count Social Security income when calculating gross income; therefore, if Social Security is your sole source of income, you don't need to file a return.

Nobody enjoys tax season, especially when you owe money to the government. Hopefully, these tax breaks can make your tax season a little… well... less taxing to say the least! Of course, you don’t want to take any risks this tax season. If you’re uncertain whether you qualify for a particular tax break, it’s always best to discuss your situation with a professional. An accountant, CPA or tax attorney would be happy to answer any questions you might have.

AccuTax Pros offer year round individual and corporate bookkeeping services, income tax services, and so much more. Contact us for more info today! 678-744-4044