Tax season is coming up. As a senior, are you prepared? It can be hard to know what information pertains to you as most websites don’t list separate information for those receiving retirement benefits or on Social Security. Thankfully, these sites give you exactly what you need.
Institute on Taxation and Economic Policy
The Institute on Taxation and Economic Policy (ITEP) created a website to give seniors the chance to access information about their taxes in one place with an easy-to-read format. It gives users data based on their income, age, and income type. It has information for those that are on Social Security, draw from a retirement account, or receive other types of revenue. It can even help seniors discover possible tax breaks to decrease the amount they owe.
Internal Revenue Service
Few places are better than the Internal Revenue Service (IRS) for tax information. The IRS has a special page for seniors and retirees to help them find relevant information about how much they owe in taxes and possible tax breaks for each season. The biggest benefit of using the IRS website is that it has the most current information on the internet.
While some of the language might be a little difficult to understand, the IRS has worked to make taxes easy to figure out for everyone of any age. This page lists any special rules for seniors and retirees, helpful publications, and withholdings they can expect.
Benefits.gov
For those on government benefits, you may find yourself in a particular situation. How do taxes work when you’re getting Social Security and other types of government assistance? Thankfully, Benefits.gov aims to education and assist seniors with tax season and general tax questions throughout the year.
This specific site helps find a tax professional to provide free tax assistance for those 60 or older. While there isn’t an application process, you are required to speak to a Tax Counselling for the Elderly (TCE) expert to discover whether you qualify. If you do, you receive free tax help.
Volunteer Income Tax Assistance
If you don’t qualify for Tax Counseling for the Elderly, you can also reach out to Volunteer Income Tax Assistance (VITA). This program is similar to TCE but is available to anyone under the age of 60 that makes less than $51,000 per year.
These trained volunteers help you electronically file your taxes, find deductions to lower the amount you owe, and even discover tax credits other professionals may have missed. Best of all, the volunteers are located all around the United States and may even be in a community near you. You can find a VITA volunteer using the IRS locator website.
