Tax Preparation Tips for Seniors
Tax Day is coming up! With Monday, April 18 being the day 2021 taxes need to be filed by, some seniors may be well into the process already. For those that are still wrapping them up, Fellowship Square offers the following tips:
Stay Organized Throughout the Year —
Keeping track of expenses, tax-deductible donations, and other items throughout the year will make it much easier to file. Seniors should find a system that works for them, such as QuickBooks, and stay on top of it throughout the year.
Work with a Trusted Accountant or Tax Preparation/Filing Expert —
Filing taxes can be complex and confusing. Working with an accountant or other tax professional can help ease seniors’ stress of trying to file on their own. An expert can answer any question and serve as a great resource to ensure seniors file properly so they can maximize their return and not over (or under) pay.
Understand What They’re Entitled To —
Seniors should also educate themselves on any tax breaks or benefits they may be eligible for and take advantage of standard deductions specific for seniors when filing. An accountant or other expert can help with this too!
Maximize Charitable Efforts —
For seniors that donate to various charities throughout the year, keep track of the tax credit donation forms and make sure that donations are made to organizations that can offer the best benefits in the way of dollar for dollar tax credits.
Get Help for Free —
There are many online resources offered to seniors to help them file their taxes for free. Seniors can find volunteers online that will offer free tax help and seniors can also use the IRS Free File online. Do some research for other free resources to help with the filing process.
Get an Extension, if Needed —
Tax day is just around the corner! But for seniors that need some extra time to organize documents and file their taxes, filing for an extension can provide that. Individual tax filers can request an extension, regardless of income, via Free File. Filing this form allows an extension until October 15 (or the next business day).
Filing taxes can become daunting and overwhelming for seniors, so it’s important to start early and get help as needed. For more tips on preparing taxes specifically for seniors, visit the IRS website. Fellowship Square encourages seniors to seek out the resources and the experts that can guide them through the preparation and filing process.