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Tax Tactics: Mistakes Seniors Make

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By on Career and Money Smart Living

ORLANDO, FL (Ivanhoe Newswire) — For many seniors, tax laws can be complicated and confusing. But some mistakes are easy to avoid. When it feels like we don’t have anything in common, the one thing we all must deal with is filing our taxes. One hundred twenty-eight million people will be working through the paperwork to hit the April 15th deadline. Even the most experienced seniors who have been filing for decades can still get confused by the changes.

“The way that the tax structure is, it is very complicated to calculate your taxes, and one of the main areas we see a lot of mistakes on is if people do their tax return by hand and then mail it into the IRS,” says Financial Planner, Kristin Castello.

Last year, taxpayers made almost 13 million math errors on their forms! Also, giving to charity the wrong way can cost you. Donating stocks, or even cryptocurrency, instead of cash allows you to avoid capital gain taxes and gives you a deduction. Filing taxes too early is also a potential problem.

“I think the biggest mistake is that people file their taxes before they receive all of their tax forms,” said Castello.

Another mistake seniors make is taking only the standard deduction. Starting in 2023, Americans over age 65 who meet the IRS criteria are eligible for an extra standard deduction. That’s 1,850 dollars for single people and 3,000 for married couples that file jointly. Also, some seniors forget to factor in health care deductions. The amount you pay for medical and dental care over 7.5 percent of your adjusted gross income is deductible! Also, if you’re self-employed you can deduct your Medicare premium.

When giving to a charity, consider that some donations give you a tax credit along with a deduction, or instead of a deduction. Tax credits directly reduce the amount of taxes you owe, while deductions reduce the amount of your income that’s taxable.

Sources:

https://www.ngpf.org/blog/question-of-the-day/how-many-math-errors-did-taxpayers-make-on-tax-returns-in-2020/#:~:text=Answer%3A%20Over%2012.9%20million%20errors!&text=Questions%3A,on%20your%20own%20tax%20return%3F

https://www.dailymail.co.uk/yourmoney/taxes/article-12823811/tax-deductions-overlooked-seniors.html

https://www.forbes.com/sites/forbesbooksauthors/2022/05/20/the-10-most-common-mistakes-retirees-make-on-their-taxes/?sh=3d4a298b3300

https://www.dailymail.co.uk/yourmoney/taxes/article-12823811/tax-deductions-overlooked-seniors.html

https://financebuzz.com/retirement-tax-mistakes

https://www.dailymail.co.uk/yourmoney/taxes/article-12823811/tax-deductions-overlooked-seniors.html

Contributors to this news report include: Julie Marks, Producer; Bob Walko, Editor

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