As a senior in Orange County, you may be eligible for certain tax credits and deductions that can help lower your tax bill. It’s important to be aware of these options so you can take advantage of them when filing your taxes. Here’s what you need to know about tax preparation for seniors in Orange County.
One tax credit that may be available to seniors is the Credit for the Elderly or the Disabled. To be eligible for this credit, you must be at least 65 years old or retired on permanent and total disability, and you must have taxable income that is below a certain amount.
Another credit that may be available to seniors is the Saver’s Credit, also known as the Retirement Savings Contributions Credit. This credit is available to those who contribute to a retirement savings account, such as a 401(k) or IRA. To be eligible, you must be at least 18 years old, not a full-time student, and not claimed as a dependent on someone else’s tax return.
In addition to credits, there are also deductions that may be available to seniors. For example, if you are over the age of 70½ and required to take minimum distributions from your retirement account, you may be able to claim a deduction for charitable donations made directly from your account.
It’s important to note that eligibility for these credits and deductions may depend on your income and other factors. If you’re not sure whether you qualify, consider seeking the advice of a tax professional.
If you’re in Orange County and need help preparing your taxes as a senior, consider reaching out to Robert Hall & Associates. We have just launched an Orange County office and are available to assist with all your tax needs. With our team of experienced professionals, you can feel confident that your taxes are being prepared accurately and efficiently. Contact us today to learn more.