Planning for the Future: Free Tax and Financial Resources for Seniors

Life after retirement should be one of the most relaxing, stress-free parts of your life. After you stop working, however, it is easier than ever to spend sleepless nights worrying over your financial security and well-being. In a technological world, building financial literacy skills is of the utmost importance, but learning the ins and outs of online money management and accounting is no easy task. Luckily, there are several free and/or low-cost online resources available to you that you can use to plan your financial future, and mitigate the headache of navigating complicated tax systems.

  1. IRS Free Federal Tax Resources for Seniors and Retirees - The Internal Revenue Service (IRS) offers resources that can help answer your pressing tax questions. Learn how to track your taxable retirement income, social security benefits, pension and annuity, and more through this helpful site. The IRS Tax Guide for Seniors, which is issued annually prior to tax season, can be very handy, as well. The guide helps you navigate the federal filing requirements, outlines income that is taxable and nontaxable, and provides a list of potential adjustments and deductions that can help you save a few dollars and cents.
  2. IRS Volunteer Income Tax Assistance (VITA) and Tax Counseling for the Elderly (TCE) - The IRS also hosts a program called the Volunteer Income Tax Assistance (VITA) program, which offers free tax preparation support to people who make under $54,000, as well as to persons with disabilities and/or limited English speaking ability. According to the IRS’ website, “VITA and TCE sites are generally located at community and neighborhood centers, libraries, schools, shopping malls and other convenient locations across the country. To locate the nearest VITA or TCE site near you, use the VITA Locator Tool or call 800-906-9887.” Learn more about how IRS-certified volunteers can support your tax preparation here, and get ready for your visit using this essential “What To Bring” checklist....

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