Tax Preparation May Become Easier for Seniors

Many seniors have limited forms of income, including social security or retirement benefits. However, the current IRS tax form 1040EZ does not include lines for these sources of income. Therefore, seniors must file the much more difficult form 1040 and its schedules. This makes filing taxes even more dreadful for the elderly. To help with this dilemma, congress has introduced a legislation making filing taxes easier for these people.
The bill was introduced by a bipartisan pair of U.S. senators from Florida. Democrat Bill Nelson and Republican Marco Rubio propose a way to simplify the tax-filing requirements of senior citizens with the new form 1040SR. The Seniors Tax Simplification Act would allow for easier filing for Social Security benefits, dividends, capital gains and interest. The new law will have no revenue effect and will not add to the country’s debt according to the Joint Committee on Taxation.
If you are struggling with the filing of your tax returns, don’t take the risk of making a mistake. The struggle of tax filing can even lead some to not filing at all and acquiring tax debts. If this is the case, you may be eligible for different options for tax settlements, or help with tax preparation. Talk to one of the licensed experts at Professional Tax Resolution and discover how we can ease the pressure the IRS is putting on you.