Tax season is upon us once again. The constant changes in tax laws can be tough to keep up with every year. Seniors might find tax season to be especially difficult because their retirement income may be derived from sources other than employment, and the related tax laws can be confusing.
Tax season also brings with it the potential for identity theft. Seniors are often targeted in financial scams of all kinds, and experts believe that tax refund fraud likely reached $21 billion during the 2016 tax season.
If you need help preparing your tax return this year, you’re in luck. There are a variety of resources, many of which are free, designed to help make tax preparation easier and safer for seniors.
Tax Preparation Resources for Seniors
Here are a few tax services catering to older adults:
Preventing Senior Identity Theft During Tax Season
Every year, more and more people fall victim to scams and fraud in connection with tax season. Taking a few extra steps to protect personal information can help you avoid becoming a victim.
Tax Deductions and Caregivers
One common question during this time of year is whether or not assisted living expenses are tax-deductible for a resident.
The answer is that in some cases, a senior or their loved one who helps finance assisted living expenses can take advantage of a medical care tax deduction. Review these tax deductions for assisted living before you meet with a tax preparer this year.