: 7 tax tips for seniors to make the most of your deductions

by | Feb 18, 2023 | Stock Market

Tax filing season just opened for 2022 returns, and the IRS is already warning that average refunds may be lower since most pandemic economic relief measures are finished. That means careful tax planning is more important than ever if you want to lower the amount you owe.  Though it’s too late to take advantage of many tax strategies that needed to be accomplished before the end of the tax year, there are some things you can still do to have a better tax result for 2022. 

“Get the deductions that you’re entitled to,” says David Peters, a CPA based in Richmond, Va. Here’s what seniors can do to make the most of their deductions and credits. 1. Be aware of key taxpayer dates For most people, April 18 is the due date for your federal 2022 tax return. That’s also the last day to request an extension and pay any tax owed, which you have to do even if you’re filing an extension. If you live in Maine or Massachusetts, it’s April 19, and if you live in a state that declares a disaster, you may have even more time. For example, Californians affected by winter storms qualify for an extension to May 15, 2023 to file individual and business tax returns.  You need to file by Oct. 16 if you request an extension on your 2022 tax returns. If you need help to meet these deadlines, you can check with the IRS for its tips for seniors filing their taxes.  An extra tip: File an electronic return and choose direct deposit for …

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