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Tax time can be intimidating, especially for seniors. The good news is that there are many helpful tips and resources that can make filing taxes much less overwhelming. With the right information, retired adults can meet deadlines, avoid penalties, and successfully manage their tax debts. Here are a few tips family members and caregivers in Santa Clarita can share with seniors during tax time.
If you aren’t entirely sure about your filing status, the amount of reportable income you’ve received or other factors that might impact your tax liability, always reach out to a tax professional. The Tax Code changes constantly, particularly as it pertains to taxable Social Security benefits and retirements accounts. Even if you don’t think you need to file, it is still important to have your end-of-year statements reviewed by a knowledgeable and trustworthy person.
Senior citizens are served by a number of reputable, local and social groups who can assist with tax questions and concerns. Before paying any money out of pocket, check to see which forms of support are available in your area. More often than not, aging adults can get expert filing assistance at a discounted rate or for free.
If seniors assist with the care of their grandchildren or any other dependents, they may be qualified to receive tax breaks. Claiming these dependents can lower tax liability or qualify seniors for significantly larger refunds. With more families choosing to live under the same roof and many elderly, retired people filing with a head of household status, more people are claiming dependents who are not their own, natural children.
Seniors can shorten the amount of time that it takes to get their tax returns by choosing to e-file rather than submit paper returns. This option is often available even to those who have reached out for free or low-cost tax help. For aging adults who just getting by check to check, having these extra monies come early can significantly reduce financial stress.
Find other ways to assist your loved one with everyday tasks by reaching out to Home Care Assistance. As a leading provider of senior care in Santa Clarita, we help seniors maintain mental, physical, and emotional wellness in the comfort of home. To learn more about our services, including hourly and live-in home care, give us a call at [hca_phone] and request a free in-home consultation.