Tax free resources are very few even though excellent with internal revenue service (IRS) of United States. For retirees, taxes should not be complicated but should be simple and straight forward. Here are some tips for retirees and seniors for free tax resources.
Visit 1040 Central – Your First Stop for Tax Preparation
Tax return filing is not compulsory for everyone. Find out who have to file return and when from the page “Do You Need to File a Federal Income Tax Return?” of IRS website. Even without filing return, person can get Premium Tax Credit under the Affordable Care Act. Visit the IRS’ ACA page, to know everything about taxes and Affordable Care Act.
It gives all solutions to tax preparer, give explanation how the Medicare tax affect and provides information about deduction for medical expenses. It also provides all basic tax related question- answers and qualification for certain credits and deductions.
Beware of Tax Scams
Seniors and retirees easily become a toy in the hands of scammers. Many times, senior people receive message or email that he won a lottery of $1 million. Remember that, IRS or government never asks or send money immediately over the phone or email with a wire transfer or credit card.
To avoid tax scams, never provide personal information or social security number to anyone on phone.
Free Tax Prep is Available
Tax Assistance and Tax Counseling for the Elderly programs offers free tax help to older than 60, especially about pensions and retirement. Take the advantage of sponsored tax return preparation and assistance programs.
More Free Tax Information for Seniors
Under IRS website, “Products for Older Americans” page provides link for pamphlets and information on various topics about Individual Retirement Accounts and Arrangements, pension and annuity income, credit for the elderly or disabled and a tax guide for seniors.
Hints for Combating Typical Tax Errors
Before self filing tax return, read all provisions of taxes. People can see advices on fingering out how much of Social Security benefits are taxable on the page, “Tips for Seniors in Preparing Their Taxes”. Credits are explained with directions to determine the eligibility for free money as it is a great way to keep tax bill lower. IRS is making the tax filling process easier day by day so keep updated yourself to get more advantage on tax return.
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