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Preparing income taxes is rarely ever easy. From making sure you claim all of the appropriate deductions to figuring out where to list investment income on your forms, it is a process that requires time and patience.
The Internal Revenue Service (IRS) is trying to change that. Beginning with 2019 taxes, seniors can take advantage of a new form and an easier process. It’s part of the Bipartisan Budget Act of 2018 and is designed for adults over 65.
Benefits of IRS Form 1040SR
Form 1040SR. has several elements that seniors may find helpful:
Though the form is still in draft phase, it’s expected to be ready in early 2020.
Identity Theft Spikes During Tax Season
Another issue to consider as you or a senior loved one prepare taxes is the unfortunate fact that identity theft increases during tax season. According to the Federal Trade Commission, older adults are especially vulnerable. Experts say it’s a good idea to take steps that lower the odds of becoming a victim.
Here are a few ways you can protect yourself or a loved one from identity theft:
There is one last tip to remember as tax season approaches. If you are a caregiver for a senior loved one or you assist them in paying for senior care expenses, you may be entitled to a deduction. This article will help you learn more.