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2013 Tax Tips For Older Adults

2-25-2013 National:

 t may seem like a long ways away, but April 15, the deadline for filing 2012 taxes, is approaching quickly. It's always best to be prepared and start early in case you run into any snags, so now is the time for older adults to get their files in order and prepare to send them off to the IRS. Here are some tips for older adults living in retirement communities or on their own:

Visit the IRS website
There's no question that filing taxes can be a major headache, and it only gets more difficult for older adults. Certain aspects of senior living must be taken into account when filing taxes, and the IRS website has an outline of what some of them may be. For example, seniors must be careful when calculating their taxable social security income and other retirement benefits - double-checking is never a bad idea. The 1040 and 1040A tax forms come with an instructional worksheet for adding up this figure.

Ask for assistance
If you are overwhelmed by the tax filing process, don't give up hope. You can ask a family member or friend to help you, or you can get in touch with a financial adviser who will be able to ensure you are getting the most out of your forms. Failing to file taxes only complicates matters, so if you feel like abandoning ship, it's time to reach out for help. The IRS also has a list of volunteer tax preparation services for older adults.

Understanding the senior tax credit
Some older adults may be eligible for the senior tax credit. According to the IRS, individuals who are filing as a couple and are either 65 or older or under 65 but permanently disabled could benefit from the tax credit, depending on their total taxable and non-taxable yearly incomes. The IRS outlines the income brackets that are able to claim the credit here.

If you or a loved one are currently living in a retirement community, such as Sunrise, you may be eligible for tax benefits, if you meet certain IRS requirements. Click here to learn more about financial options at a Sunrise community. ..Source.. by Megan Ray

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