Tax season is often stressful for seniors. Most recently, they have to deal with changes for both Medicare and the health care industry in general per the Patient Protection and Affordable Care Act. There are some things that seniors can do to prevent tax season stress. Brought to you by the United Methodist Homes of NJ, here are a few tips for seniors to ensure a hassle free tax filing:
1. Scams – Be Aware
Unfortunately, for seniors, tax season can bring the danger of tax-related scams including calls or emails to seniors demanding to provide personal information for miscellaneous reasons. Remember, IRS never demands your social security number, bank account information or other personal financial details over the phone or by email. Any communication requesting this information should raise a red flag. To avoid putting yourself at risk always seek assistance from designated IRS-affiliated sites, or from a verified professional organization.
2. Keep all the Required Information Readily Available
Stay organized and keep tax documents properly filed throughout the year. Don’t be annoyed by the last minute stress of finding tax forms. Simple organization can make your filing process efficient. Especially if you have multiple sources of income such as social security benefits, retirement accounts and pension plans. If you are unaware of what documentation you need try reaching out to a tax preparation center for guidance.
3. Employ a Tax Professional
No matter if you are 35 or 80, seeking expert assistance in filing your tax return is always advisable. Tax professionals or accountants help you avoid mistakes and increase your returns with tax credits and special deductions that you wouldn’t have known about otherwise.
United Methodist Homes of New Jersey has assisted living communities throughout the state of New Jersey. We strive to provide safe, independent and secure assisted living arrangements so that seniors can live the life they’ve always wanted. To find out more visit us at www.umh-nj.org.