Some seniors are confused about their status regarding “stimulus checks,” the government payments designed to help people through the difficulties caused by the COVID-19 pandemic. This is not surprising, as there have been a total of three rounds of payments, authorized by two separate acts of Congress. The Coronavirus Aid, Relief, and Economic Security Act […]
Category Archives: Taxes
Seniors taxes refer to the specific tax considerations and benefits available to individuals who are in their retirement years or are considered senior citizens. These tax provisions are designed to recognize the unique financial circumstances of older adults and to provide them with potential deductions, credits, and exemptions that can help alleviate their tax burden. Seniors often have various sources of income, such as Social Security, retirement savings, and investment income, which can have distinct tax implications. Understanding and optimizing these tax strategies is crucial for seniors to maximize their retirement income and maintain financial stability during their golden years.
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Filing a tax return can be an irritating and time-consuming task. Given that, why should anyone (especially seniors) file a return when they are not legally required to do so? There may be several good reasons. No one who does not have taxable income is legally required to file a tax return. From the tax […]
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| Written by Brett Porter, EA for Winter 2020 Edition of OurSeniors.net Magazine | Every year you hear it. You may even say it yourself. “I can just write it off on my taxes,” but can you really? Most people are completely confused as to whether or not all their tax deductions are even making […]