Helping Seniors Make Informed Financial Choices

It’s tax time!  Where can seniors get free tax preparation assistance?

The IRS Volunteer Income Tax Assistance program (VITA) or the Tax Counseling for the Elderly program (TCE) offer free tax help for those who qualify.  Trained community volunteers can help with special credits, such as Earned Income Tax Credit, Child Tax Credit, and Credit for the Elderly.  In addition to free tax return preparation assistance, most sites also offer free electronic filing (e-filing).  Individuals taking advantage of the e-file program will receive their refunds in half the time compared to returns filed on paper.  Refunds can be received even faster if they are deposited directly into a bank account.

 

The Stimulus Bill signed into law by President Obama on February 18, 2009, brings huge benefits for qualified homeowners who own homes valued at more than $500,000.  The maximum home value, that had just been bumped by HUD to $417,000, has been increased even further to $625,500. 

Who benefits?  Seniors with higher valued homes, especially those with higher valued homes with existing mortgages.

This new limit is only for the remainder of 2009.  On January 1, 2010, the limit adjusts back to $417,000.  So, if your home qualifies, the time to act is now.

For details, call Harry Gordon at (775) 823-8400 x101.

The Volunteer Income Tax Assistance Program offers free tax help to low to moderate income (generally $42,000 and below) people who cannot prepare their own tax returns.  Certified volunteers sponsored by various organizations receive training to help prepare basic tax returns in communities across the country.  VITA sites are generally located at community centers, libraries, schools, shopping malls, and other convenient locations. 

The Tax Counseling for the Elderly program provides free tax help to people age 60 and older.  Trained volunteers from non-profit organizations provide free tax counseling and basic income tax return preparation for senior citizens.  Volunteers who provide tax counseling are often retired individuals associated with non-profit organizations that receive grants from the IRS.

As part of the IRS-sponsored program, AARP offers the Tax-Aide counseling program at more than 7,000 sites nationwide during the filing season.  Trained and certified AARP Tax-Aide volunteer counselors help people of low to middle income with special attention given to those 60 and older.

For more information on VITA and TCE, call 1-800-829-1040.  To locate the nearest AARP Tax-Aide site, call 1-888-227-7669 or visit the AARP website.