As we approach the end of the year, now’s a good time to think about taxes and gather information that may help prepare 2023 tax forms. Tax professionals recognize there may be some deductions seniors could be unaware of. Be sure you don’t overlook these 10 possible tax breaks when working with your accountant on next April’s Federal tax submission or if you prepare tax returns yourself.
- Increased Standard Deduction
- Different Filing Threshold
- Social Security Tax Exemption
- Business and Hobby Deductions
- Medical Expense Deductions
- Elderly or Disabled Tax Credit
- Charitable Deductions
- Retirement Plan Contribution Benefits
- Estate and Gift Tax
- State Senior Tax Exemption
The tax code’s complexity may intimidate some seniors, but there are ways to learn what you need to know to reduce the stress of tax season and get the most out of what you’re entitled to.
Council of Seniors Works to Give Seniors What They Deserve
Additional retirement income is unlikely to create a tax issue for you. Here at Council of Seniors, we’re working hard to get Congress to pass The SAVE Benefits Act. This legislation is designed to ensure you’re no longer shortchanged by the annual Social Security cost-of-living adjustment (COLA). Once passed, seniors will be reimbursed the $581 withheld from their benefits.
Signing our petition is the first step you can take to help. Your help in returning this money to seniors will be greatly appreciated.
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