Depending on whom you ask, tax season might be the most wonderful time or the most dreadful time of the year. Whatever your personal take on it, that time is upon us once again. So we put together a few helpful tips for seniors who are ready to prepare and file their taxes.
Stay prepared and informed throughout the year. This will reduce the amount of work you have to do when tax season begins.
- Whether your income is through Social Security only, or you also have interest, dividends, employment income, or anything else, tax laws can change at any time. It is up to each taxpayer to keep up with the tax laws that apply to them. If you file your own taxes, be sure to review the codes that affect you, before you start filling out any forms.
- If you are scrambling for documents now, be determined to avoid that next year. Keep good records, whether electronic or paper. Know your passwords to the Social Security Administration and other websites. Keep tax-related receipts and documents in one place.
Beware of scammers. They have no mercy on anyone, including seniors. Tax season is a golden opportunity for them to make (steal) money from unsuspecting ones.
- Remember that the IRS does not call, email, text, or in any other way make unsolicited contact to ask people for personal information. If you are unsure about something, contact the IRS directly. If they have called you, they won't mind you ending the call and calling the correct number back yourself.
- There are free programs that help seniors with their taxes. Scammers know this as well and might try to take advantage of you in this manner. So, to be on the safe side, check out the IRS or AARP website if you need free help with your taxes.
- Be sure to keep filing deadlines in mind because the time will go by quickly.
Hopefully this year is one that brings a nice refund! Even if it doesn't, you can feel good about preparing and filing your taxes appropriately. And then you can get on with the rest of your year.
At Caring Senior Service we are always ready to help seniors and their families by providing professional advice and services. As you consider ways to give support to your aging parents or relatives, consider including us in your plans. Contact our care team today!