Tax time is right around the corner, and it can be very complicated for seniors. While there may not be primary income from a job, there are usually pensions, retirement funds, investments, and other forms of income to document.
It’s important not to miss any of these forms of income, as anything that doesn’t match up to IRS records by time they receive your tax return by April 15 can cause massive headaches for you.
Ellicott Center for Rehabilitation and Nursing want to help reduce your audit risk with these four tips.
- Report All Forms You Receive
It’s key to report every form you receive in the early part of the year. That’s because a copy of those forms is also sent to the IRS, so they know if something isn’t reported and that will cause them to investigate.
- Check Forms for Errors
You should review all tax documents you receive for accuracy. You don’t want to charge yourself more taxes than you should because a form listed that you had higher income than you really did. Mistakes happen.
- File an Amended Return if Necessary
Sometimes employers and other entities will send corrected forms. If that occurs after you already filed your return, you can file IRS Form 1040X, which amends your original return. The bottom line: don’t ignore forms you receive after you file.
- Get Assistance
Whether it’s from a tax professional or software designed to fill out forms and do calculations for you, these are ways to ensure that math is done correctly, and just in case there is an error, most services come with some form of audit protection or assistance.
To learn more about Ellicott Center for Rehabilitation and Nursing and all of the services they offer, visit https://ellicott-center.facilities.centershealthcare.org/.