Tax filings are due on April 17th this year. That means you have 48 additional hours to get your taxes completed or to file for an extension. Either way you should make sure you have paid all you owe for 2016 in State and Federal taxes so you don’t incur fines or penalties when you do complete your filing.
Senior citizens should keep a few things in mind when filing. “While there’s no typical taxpayer, many seniors will unfortunately, incur medical expenses,” says Jeffrey Heller, a CPA from West Orange, New Jersey. “If the individual was born prior to Jan 2, 1951 any medical expenses over 7.5% of their income would be an itemized deduction. If born after that date any medical expenses over 10% of their income would be deductible.”
If you are over 62 you may have distributions from a pension or IRA. “In New Jersey there is a pension exclusion up to $15,000 if you meet certain income limits,” says Heller.
Heller also suggests that while there are a number of tax preparation software programs available, if you have special financial circumstances for example, a move from one state to another in the middle of the year, or a number of different K1s resulting from multiple investments, it may still be best to use a Certified Public Accountant to prepare your taxes.
Heller forewarns, “If you expect a refund you’ll get your money faster if you file early. If you wait to file until near the deadline it might take you an extra couple of weeks to get your payment.”
For more information on senior citizen federal tax filings visit: https://www.irs.gov/individuals/seniors-retirees