Tax time can be a stressful and confusing experience for anyone, let alone seniors who may face additional challenges like limited mobility or difficulty understanding some of the new rules. It's important to stay on top of taxes throughout the year in order to put yourself in the best position when it comes time to file those returns. This guide from Senior Helpers St. Louis is designed to help St. Louis-area seniors navigate tax season with ease!
Tax Benefits for Seniors
There are a number of tax benefits and deductions seniors may qualify for. Elderly homeowners may be eligible to defer their property taxes or apply for homestead credits. Senior citizens with medical expenses that exceed 7.5% of their adjusted gross income may deduct those costs on their federal return. Plus, there is the Senior Citizen Credit which gives qualifying senior citizens an additional tax credit they can claim when filing their taxes each year.
Gather Paperwork Early On
Having all of your paperwork in order and easily accessible is essential for filing taxes on time. To ensure that everything is ready to go when the time comes, it's important to start gathering necessary tax documents as soon as possible.
Documents like W-2s, 1099s, stock statements, banking information, healthcare expenses, and Social Security income should be gathered immediately, with extra copies kept so they are easy to access when needed later on. If you receive a document in the mail that you aren't sure is tax-related, hold onto it and ask a professional, just in case. Also, make sure to keep all of your documents in a safe place so that they don't accidentally get thrown away or put in a recycling bin.
Stay Organized
In addition to gathering paperwork, staying organized is key when it comes to filing taxes. Investing in a binder or filing system will help keep documents neat and easily accessible when needed. This makes it easier to stay on top of records such as pension payments, Social Security benefits, and out-of-pocket medical expenses, which all can affect your tax return.
Senior Helpers Can Provide Tax Season Support
Filing taxes doesn't have to be a daunting task. With the help of Senior Helpers St. Louis, seniors can feel confident about filing their taxes and taking advantage of all the benefits and deductions available to them. Early preparation is key for ensuring that everything is in order when it comes time to file returns.
Doing all of this will give you peace of mind and make tax season less intimidating. If you need a helping hand with your taxes this season, or if you are looking for assistance with routine chores and home tasks, contact us today. We provide premium care services to seniors in and around the St. Louis, Ballwin, Fenton, and Arnold areas. We ensure that our service is personalized to each and every client, so that our seniors know that they are respected and valued.