Tax time can be stressful for seniors, but don’t worry. Here’s a guide to make it easier.
Deductions: Seniors over 65 enjoy a higher standard deduction, reducing the tax burden. Medical costs, state taxes, and mortgage interest are deductible.
Tax Credits: Elderly or Disabled Credit and EITC could mean a tax break. You might qualify.
Social Security and Other Incomes: Whether Social Security is taxable depends on your income. Pensions, IRAs, and 401(k)s have tax implications, so plan withdrawals wisely.
Need Assistance? The IRS Senior Center and AARP’s VITA offer tailored free tax help.
The Bottom Line: Stay informed and smart, seniors. Use deductions, seize credits, and utilize resources for a smooth tax filing. Tax prep can be a breeze!
