Tax Filing: Standard Deductions For Seniors
It is tax season again. And so, you need to do your tax preparation well.
First, you would want to consider the tax benefits that are available for you, especially if you are a senior. Well, if you are aged 65 or even more, you stand to receive an extra $1,600 deduction. And that is not all; the US government has taken huge moves lately to pass the Tax Cut and Jobs Act (TCJA), and this has a remarkable impact in every US citizen. And especially if you are a senior. If you are clueless about these deductions and many more, you should not look any further; read and explore what is available for you here. You would want to ensure that you live well and without a hassle despite the tough economic situations.
Consider the enhanced standard deduction for seniors. Turning 65 is something that is worth celebrating, now that you stand to claim greater standard deductions. You would want to claim that extra $1,600 standard deduction.
What is more, the TCJA went ahead to double this for every filer, as long as they are senior. It is a great move that has more than a few benefits for every senior. Here is what you should celebrate: if you are a single filer, your new deductions should be $12,000, a rise all the way from $6,500. If you are married and are filing as a couple, your new deductions are $24,000 from $13,000. If you are a registered and qualified widow or a widower, your new tax deductions stand at $24,000 from $12,700. Head of household has theirs increased to $18,000 from $9,550. Be reminded that these are standard changes and have been effected for all the seniors. And you will not have to itemize your tax deductions.
Be sure not to file your taxes beyond a certain limit or threshold. It is a potentially great move, thanks to the new standards installed by the government – the elderly will not have to pay attention to these steps. If you are a single filer, and you look to filing your taxes of less than $13,600, you need to know that with the new standards, you aren’t needed to document these any longer. If you are married, and you want to file as a unit, you could easily notice that you aren’t obliged to file anything less than $26,600.
And then there is this social security. You need to understand that the social security isn’t applicable regarding the standards above. Here, only a fraction of the social security is taxable. And the reporting threshold escalates, even more, when non-taxable social security is added to this equation. This threshold increases to $32,000 if you file as a couple.