Friday, April 25, 2014

Free tax help for the elderly: What the IRS can do for senior citizens

“Nothing is certain but death and taxes.” While this adage is essentially true, in real life things are not as grim. In fact, the US Internal Revenue Service (IRS) can be an ally to people looking for free tax and financial help, especially those near the twilight of their lives.

http://www.dailymail.co.uk/news/article-2118476/BUDGET-2012-Osborne-picks-pockets-pensioners-Four-million-elderly-pay-Chancellors-tax-giveaway.html
Image Source: dailymail.co.uk

The IRS provides free tax help to the elderly and other beneficiaries through its Volunteer Income Tax Assistance program or VITA. Through VITA, volunteers certified by the IRS can provide for free basic income tax return preparation services to qualified individuals, complete with electronic filing of the documents.

http://fiscalpolicy.org/tax-free-ny-is-now-start-up-ny-still-bad-tax-policy-still-bad-economic-development-policy
Image Source: fiscalpolicy.org

Aside from the elderly, other VITA beneficiaries include persons with disabilities, taxpayers speaking with limited English, and individuals earning less than $52,000 a year.

The elderly can also benefit from the Tax Counseling for the Elderly (TCE) program, also sponsored by the IRS. This program allows free tax help for individuals 60 years old or older. The TCE is a specialized program that allows individuals to inquire about pensions, retirement plans, and other matters exclusive to seniors. Many of those working at the TCE are seniors themselves; they are IRS-certified, retired volunteers from non-profit organizations.

http://www.agingcarefl.org/what-is-an-elder-law-attorney/
Image Source: agingcarefl.org

For those who are interested in availing these services, visit this IRS site for a list of required documents and information.


Jeff Maroz is the president of Wealth Management Group and a firm believer in helping others make sound financial decisions. Add this Google Plus page to your circles for more information on Jeff and the Wealth Management Group.

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