Tax season is officially here. January 24th, 2022 marked the first day that the IRS will be receiving tax returns for 2021. With an earlier start date than last year, eager folks are beginning to prepare their tax returns sooner rather than later. Independent seniors are also part of that eager group. If you’re a senior seeking to file your own taxes this tax season, you can breathe a sigh of relief with our senior tax tips. Read our list of tips below.
Calculate Taxable Amount on Social Security Benefits
If preparing your own taxes, be cautious when determining the taxable amount of your Social Security. It can be easy to miscalculate the number, so review the Social Security benefits worksheet for guidance. You can find this information on the IRS 1040 form and 1040A form. This will ensure that you have the correct number before filling out your tax return.
Related Article: How to Help Aging Parents Before Tax Season
Know Which Senior Tax Deductions Apply to You
It can be easy to miss out on tax deductions if you don’t know what applies to you. The IRS has a standard deduction for people over 65. If you don’t itemize deductions, you can get a higher standard deduction. You may also qualify for the Credit for the Elderly or Disabled dependent on your age or filing status.
If applicable, you must submit the 1040 or 1040A form to receive the Credit for the Elderly or Disabled. Note: This does not apply to those filling out a 1040 EZ. If you have a question, contact our team.
Related Service: Tax Services – Easing the Burden of Tax Planning and Filing
Overcome Tax Season Woes with a CPA
Preparing and filing taxes on your own can be a difficult process. If you find tax preparation burdensome or are unsure about handling it alone, consider having someone else prepare your tax returns for you. Take control of your finances by enlisting the help of a CPA. Whether you need tax preparation, help with trusts, or fiduciary services, you can count on a professional with experience to assist you through this process.
Need assistance with senior tax preparation? Schedule time with Marcia Campbell, CPA.
If you need help, please contact us by filling out our Contact Form or by giving our office a call at +1(951)686-3608.
As the most experienced CPA in the Inland Empire who specializes in working with seniors, Marcia L. Campbell is committed to helping each client thrive by caring for their personal and financial wellbeing with genuine interest, well-established expertise, and a focus on respectful partnerships. Marcia’s team specializes in a number of services including elder & financial care, court & trust accountings as well as private fiduciary and tax services. At Marcia L. Campbell, CPA, we understand the importance of our clients’ individual needs and are committed to helping them make the best personal and financial decisions for their future.