Current research indicates that individuals are likely to make errors when preparing their tax returns. The following tax tips were developed to help you avoid some of the common errors dealing with the standard deduction for seniors, the taxable amount of Social Security benefits, and the Credit for the Elderly and Disabled.

How old do you have to be to get a tax credit?

Who Can Take the Credit: The Credit is based on your age, filing status and income. You may be able to take the Credit if: Age: You and/or your spouse are either 65 years or older; or under age 65 years old and are permanently and totally disabled.

What kind of tax form do you need for elderly?

Credit for the Elderly or Disabled – You must file using Form 1040 or Form 1040A to receive the Credit for the Elderly or Disabled. You cannot get the Credit for the Elderly or Disabled if you file using Form 1040EZ.

What’s the maximum income you can claim as a senior?

Did you know? There are several credits and benefits designed for seniors. Age amount – You can claim this amount if you were 65 years of age or older on December 31, 2015, and your net income is less than $82,353. The maximum amount you may be able to claim is $7,033.

How to prepare your Social Security tax return?

Use the Social Security benefits worksheet found in the instructions for IRS Form 1040 and Form 1040A, and then double-check it before you fill out your tax return. See Publication 915 PDF, Social Security and Equivalent Railroad Retirement Benefits.

When do you need help with your taxes?

For individuals, that may include changes such as getting married or having a baby. In addition, if you have investments such as stocks and bonds, have capital gains, itemize deductions, contribute to charity, have major medical expenses or are a homeowner, it may be time to start working with a tax professional.

Do you need an expert to do your taxes?

Even if you like to do your taxes on your own but aren’t sure you’ve done everything correctly, it might be worth it to enlist a tax expert to go over your return before you file.