Getting Ready for Tax Season: A Guide for Seniors & Caregivers

Tax season can be stressful, but with the right preparation, seniors and caregivers can make the process smooth and stress-free. Whether you’re filing for yourself or assisting a loved one, this guide will help you stay organized and take advantage of potential tax benefits.

Gather Important Documents

Before filing, make sure you have all the necessary paperwork, including:

• Personal Information: Social Security numbers for you and any dependents
• Income Statements: W-2s, 1099s, pension or Social Security income statements
• Medical Expenses: Receipts for out-of-pocket healthcare costs, prescriptions, and insurance premiums
• Caregiving Expenses: Any costs related to professional caregiving services, home modifications, or assisted living
• Charitable Donations: Records of any charitable contributions made during the year

Understand Senior Tax Benefits

Seniors may be eligible for tax deductions and credits, such as:

✅ Higher Standard Deduction: Those 65+ qualify for a larger standard deduction
✅ Medical Expense Deduction: If medical expenses exceed 7.5% of adjusted gross income, they may be deductible
✅ Credit for the Elderly or Disabled: A potential tax credit for qualifying seniors with lower incomes

Caregivers: Take Advantage of Tax Breaks

If you’re a caregiver, you may qualify for:

• Dependent Care Credit: If you pay for professional care while working, you could get a tax credit
• Medical Expense Deductions: If you financially support a loved one and cover medical costs, these may be deductible
• Flexible Spending Accounts (FSAs): Pre-tax dollars can be used for caregiving expenses

Consider Free Tax Assistance

Many seniors qualify for free tax help through programs like:

📝 Volunteer Income Tax Assistance (VITA) – Offers free help for low-income individuals
📝 Tax Counseling for the Elderly (TCE) – Specializes in senior tax returns

File on Time & Avoid Scams

• Key Deadlines: The IRS tax filing deadline is usually April 15
• Avoid Scams: Be cautious of phone calls or emails claiming to be the IRS—official communication is done by mail

Final Thoughts

Preparation is key to a hassle-free tax season. Seniors and caregivers should stay informed, keep records organized, and take advantage of tax benefits. If you need help, reach out to a tax professional or use free community resources.

Bay County Caregivers will gladly help you get connected with the right advisors for you. You can also find more information by visiting IRS.gov for more information!

Contact us today for more information!