In honor of National Older Americans Month, Dan Tomlinson of the Roni Deutch Tax Center gives tax tips to seniors on WhatHappensNow.com.
United States of America (Press Release) June 3, 2008 --
North Highlands, CA -- Dan Tomlinson, Director of Tax for Roni Deutch Tax Center, is featured in a new article on WhatHappensNow.com where he offers tax tips for American seniors.
"This month is National Older Americans Month," notes Mr. Tomlinson of the Roni Deutch Tax Center. "And between social security, retirement benefits, and Medicare, the tax returns of seniors living in this country can get very messy, very quickly. I thought tax tips for seniors would make a great topic this month on WhatHappensNow.com."
Check out a few quotes from Mr. Tomlinson's tax tips below, or you can check out the full article at WhatHappensNow.com: Top Tax Tips for Seniors.
"If Social Security is your only source of income, then you should have no tax due. Keep in mind, however, if you have other forms of income like a pension you may have to include some of your Social Security income on your tax return. The formulas are somewhat complex, but if one-half of your Social Security plus your other income is over a base amount ($25,000 for single filers, $32,000 for married filers) then the payments start to become taxable."
"Traditional IRA distributions must begin by April 1st of the year following the tax during which the taxpayer reaches age 70 ½. Failure to do so may result in a 50% excise tax of the required distribution. Care should be taken with Roth IRAs. For example, converting from a traditional to a Roth IRA may not be a good move since this conversion requires all taxes be paid in the year of the change. The Roth IRA will accumulate earnings that will later be tax free, but these earnings may not exceed the earlier taxes paid."
"Medical, nursing home, and in-home care expenses add up very quickly. When you prepare your tax return have a list of all of these expenses ready. Most pharmacies will provide you with a list of all prescriptions purchased during the year, which you may be able to deduct on your return. Keep a separate file for each type of expense. For example, one file for doctor visit co-pays, another for medical equipment (canes, walkers, hearing aids), and another for dental visits."
Millions of people recognize tax attorney Roni Deutch as television's "Tax Lady." She has been helping taxpayers nationwide resolve their tax liabilities for 17 years. As an industry leader, she has saved her clients tens of millions of dollars and has helped thousands of families settle their back taxes. In 2006, Ms. Deutch launched Roni Deutch Tax Center to provide quality income tax preparation services to help taxpayers avoid back taxes in the first place.
"This month is National Older Americans Month," notes Mr. Tomlinson of the Roni Deutch Tax Center. "And between social security, retirement benefits, and Medicare, the tax returns of seniors living in this country can get very messy, very quickly. I thought tax tips for seniors would make a great topic this month on WhatHappensNow.com."
Check out a few quotes from Mr. Tomlinson's tax tips below, or you can check out the full article at WhatHappensNow.com: Top Tax Tips for Seniors.
"If Social Security is your only source of income, then you should have no tax due. Keep in mind, however, if you have other forms of income like a pension you may have to include some of your Social Security income on your tax return. The formulas are somewhat complex, but if one-half of your Social Security plus your other income is over a base amount ($25,000 for single filers, $32,000 for married filers) then the payments start to become taxable."
"Traditional IRA distributions must begin by April 1st of the year following the tax during which the taxpayer reaches age 70 ½. Failure to do so may result in a 50% excise tax of the required distribution. Care should be taken with Roth IRAs. For example, converting from a traditional to a Roth IRA may not be a good move since this conversion requires all taxes be paid in the year of the change. The Roth IRA will accumulate earnings that will later be tax free, but these earnings may not exceed the earlier taxes paid."
"Medical, nursing home, and in-home care expenses add up very quickly. When you prepare your tax return have a list of all of these expenses ready. Most pharmacies will provide you with a list of all prescriptions purchased during the year, which you may be able to deduct on your return. Keep a separate file for each type of expense. For example, one file for doctor visit co-pays, another for medical equipment (canes, walkers, hearing aids), and another for dental visits."
Millions of people recognize tax attorney Roni Deutch as television's "Tax Lady." She has been helping taxpayers nationwide resolve their tax liabilities for 17 years. As an industry leader, she has saved her clients tens of millions of dollars and has helped thousands of families settle their back taxes. In 2006, Ms. Deutch launched Roni Deutch Tax Center to provide quality income tax preparation services to help taxpayers avoid back taxes in the first place.
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