Tax Counseling for the Elderly

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Our organization, Sharina World Foundation – CPA CLINICS, has been awarded a prestigious grant from the IRS, officially recognizing us as an authorized Tax Counseling for the Elderly (TCE) provider. Moreover, we are proud to be one of the 41 esteemed organizations worldwide to receive this distinguished honor. As a result, this recognition enables us to offer top-notch Tax Counseling for the Elderly and filing services to our valued community members. 

As we age, managing finances can become increasingly complex, especially when it comes to taxes. Therefore, at CPA CLINICS, we understand the unique challenges faced by senior citizens. In response, our specialized Tax Counseling for the Elderly services are designed to help the elderly navigate the intricate world of taxes with ease and confidence.

Common Tax Issues Faced by the Elderly

Retirement Income: Social Security benefits, pensions, and retirement accounts each have unique tax implications.

Medical Expenses: Healthcare costs often rise with age, and understanding deductible medical expenses can lead to significant tax savings.

Estate Planning: Proper estate planning ensures that assets are distributed according to one’s wishes and can reduce the tax burden on heirs.

Tax Scams: Seniors are often targeted by tax-related scams. Being aware of these can help protect against financial fraud.

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Understanding the Basics

Tax laws can be daunting, but knowing the basics can make a significant difference. Key concepts include taxable income, deductions, and credits. Understanding these elements is crucial in minimizing tax liabilities and maximizing savings.

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Tax Deductions and Credits

Various deductions and credits are available specifically for seniors:

Medical and Dental Expenses: Deductible if they exceed 7.5% of adjusted gross income.

Standard Deduction for Seniors: Higher standard deduction for those aged 65 and older.

Credit for the Elderly or the Disabled: Available to qualifying individuals based on income thresholds.

Retirement Income: What’s Taxable and What’s Not

Understanding which sources of retirement income are taxable is essential:

  • Social Security Benefits: May be partially taxable based on total income.
  • Pensions and Annuities: Generally taxable as income.
  • IRAs and 401(k)s: Withdrawals are typically taxable unless it’s a Roth IRA.
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How CPA CLINICS Can Help

At CPA CLINICS, we offer free personalized tax counseling tailored to the needs of the elderly:

Free Comprehensive Tax Reviews: The TCE program provides free tax help to elderly individuals, especially those with questions about pensions and retirement-related issues. We help ensure that all potential deductions and credits are utilized.

Estate Planning Services: Helping plan for the future and minimize estate taxes.

Fraud Prevention Education: Teaching seniors how to recognize and avoid tax scams.

Year-Round Assistance: While the primary focus is on tax return preparation during the filing season, the program also offers year-round assistance to ensure elderly taxpayers receive efficient and quality financial literacy and tax help.

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