Spring is Here and So is Income Tax Time!

It’s that time of year again when filing taxes and dealing with retirement finances can challenge anyone. While some aspects of life simplify with age, tax and financial planning often grow more complex each year. Living in an active retirement community like Acacia Village eliminates some of the financial complications of home ownership, but managing finances and taxes remains an ongoing and challenging reality. Fortunately, numerous resources are available to help you with your taxes and finances if you know where to look and whom to ask.

Free Tax Preparation Assistance for Seniors

Finding help with your taxes is just a phone call away. Here are a couple of services designed to help people over 60 navigate their tax filings:

Tax Counseling for the Elderly (TCE)

 

The Tax Counseling for the Elderly (TCE) program provides free tax help to all taxpayers, with a special emphasis on those aged 60 and older. Recognizing the unique financial situations of seniors, TCE volunteers specialize in addressing pension and retirement-related tax issues. To deliver this assistance, the IRS enters into cooperative agreements with eligible organizations, empowering them to provide valuable support. These dedicated volunteers, who typically offer their services from January 1 to April 15, are reimbursed for their out-of-pocket expenses, ensuring they can focus on assisting taxpayers with their tax preparation needs.

Volunteer Income Tax Assistance (VITA)

 

The Volunteer Income Tax Assistance (VITA) program, sponsored by the IRS, offers free tax preparation assistance to individuals who generally earn $67,000 or less, have disabilities, or possess limited English proficiency. A key focus of VITA is ensuring that eligible taxpayers claim all entitled tax credits, including the Earned Income Tax Credit (EITC) and the Child Tax Credit (CTC). To make this valuable service accessible, every county within New York State maintains at least one VITA site. The nearest provider is at MVCAA on Genesee Street (315-624-9930). They require an appointment, so call first. It’s advisable to check with the specific site regarding income limits and appointment requirements, as these can vary.

AARP Foundation Tax-Aide

 

The AARP Foundation Tax-Aide program stands as the largest free, volunteer-run tax assistance service in the United States, offering crucial support to low and moderate-income taxpayers, with a particular focus on those aged 50 and older. Sponsored by the AARP Foundation in collaboration with the IRS, the program provides free tax preparation and filing assistance through IRS-certified volunteers who undergo annual training on evolving tax code changes. While prioritizing seniors, the program welcomes taxpayers of all ages who meet the income criteria. Operating typically from late January or early February through the April tax filing deadline, Tax-Aide requires no AARP membership, and individuals can locate nearby assistance by visiting the AARP website or call 1-888-687-2277.

Here are Some Possible Tax Breaks for Taxpayers Over 50

 

Some of these you may know about and others may be new to you but it’s something to investigate as you work on getting your taxes done.

• Increased Retirement Plan Contributions
• Qualified Charitable Distributions (QCDs) from IRAs
• Health Savings Account (HSA) Catch-Up Contributions
• Larger Standard Deduction at 65
• Tax Credit for the Elderly or the Disabled
• State and Local Tax Breaks

Don’t Let Tax Season Ruin Your Start to Spring!

 

Navigating your taxes when spring arrives isn’t any fun, but it’s good to know that support is available. There are resources available to you, from expert financial advisors to volunteer-driven tax assistance programs that can help and guide. By taking advantage of these resources, you might save yourself some money and inconvenience. Of course, you should consider seeking personalized guidance from a qualified professional, if you have a more complicated financial situation.