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Just for Seniors: Tax Tips for Retirees

Retirement may have its benefits, but exemption from the IRS isn’t one of them. Still, seniors actually have more options than most when it comes to making tax time less taxing. If you’re 65 or older, these six tips will help minimize your stress and maximize your deductions come April 15. Determine How Much of Your Social Security Benefits May Be Taxable The more income you have, the more likely it is that a portion of your Social Security benefits will be taxed. To find out how much, you first need to calculate your base amount. Your base amount is equal to half your Social Security benefits plus your other income (including tax-exempt interest). If that amount exceeds the limits for your filing status, some portion of your benefits will be taxable. Calculating your base amount now means you’ll be less surprised – and less stressed – in the spring.…

Auto and Home Tax Write-Offs You Never Knew About

While most of us are aware of certain tax write-offs like charitable donations and medical expenses, car and homeowners are entitled to more deductions than they often realize. That’s why SelectQuote Auto & Home has compiled this list of commonly overlooked auto- and home-related expenditures, all of which can be deducted from your income tax bill. Just be sure to consult a financial professional or visit the official IRS website before filing. Auto  Your New Car. Yep, you read that correctly. If you’re self-employed, you may be able to write off the purchase price of a new vehicle. Got your eye on an SUV? You may be looking at an ever bigger tax benefit.  Your Commute. On a project that requires more driving time than usual? The IRS lets you write off 56.5 cents for every mile that you drive for your job – provided that you’re on a temporary assignment.…