Senior Resources

3 Tax Tips for People over 65

It’s tax time again… Taxes can be overwhelming for anyone, but especially overwhelming for seniors. While we may not have all the answers, and strongly recommend you consult with a tax professional, we have a few recommendations up our sleeve. # 1 – Get Tax Assistance The IRS has a program called the Tax Counseling […]
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Grandparents at Holidays

It’s tax time again… Taxes can be overwhelming for anyone, but especially overwhelming for seniors. While we may not have all the answers, and strongly recommend you consult with a tax professional, we have a few recommendations up our sleeve.

# 1 – Get Tax Assistance

The IRS has a program called the Tax Counseling for the Elderly (TCE) grant program. According to the IRS website, “The TCE program offers FREE tax help to individuals who are age 60 or older. Cooperative grant agreements are entered into between IRS and eligible organizations to provide tax assistance to elderly taxpayers.” (source: https://www.irs.gov/individuals/tax-counseling-for-the-elderly). 

The list of grant recipients and corporations that can help people 60 and older on their taxes is listed here, however, for your convenience we have included a picture of the Florida Locations below. According to the website – “Tax return preparation assistance is provided to elderly taxpayers during the normal period for filing Federal income tax returns, which is from January 1 to April 15 each year. However, the program activities required to make sure elderly taxpayers receive efficient and quality tax assistance can be conducted year-round.” (source: https://www.irs.gov/individuals/tax-counseling-for-the-elderly). 

#2 – When Does a Senior Citizen on Social Security Stop Filing Taxes? 

According to Turbo Tax, The IRS typically requires you to file a tax return when your gross income exceeds the Standard Deduction for your filing status. These filing rules still apply to senior citizens who are living on Social Security benefits. However, if Social Security is your sole source of income, then you don’t need to file a tax return. (source: https://turbotax.intuit.com/tax-tips/retirement/when-does-a-senior-citizen-on-social-security-stop-filing-taxes/L53Hx1v9W)

#3 – What tax breaks are available for retirees?

For people 65 and older, you may be eligible for an additional standard deduction. For 2023, the additional standard deduction for people over 65 is outlined below:

  • Single/Head of Household –  $1,850
  • Married/ filing jointly or separately – $1,500 per qualifying individual
  • Blind & Single/Head of Household – $3,700 
  • Blind & Married/Filing Jointly or Separately – $3,000 per qualifying individual

 

(Source: https://www.kiplinger.com/taxes/extra-standard-deduction-age-65-and-older)

Tax time can be stressful, and if you haven’t filed yet- don’t worry there’s still time. We hope these tips have helped a bit! If you are looking for recommendations and information on specific resources, information or care options, please give us a call. We’re a FREE concierge service to seniors and their caregivers. 

 



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