Preparing income taxes is rarely ever easy. From making sure you claim all of the appropriate deductions to figuring out where to list investment income on your forms, it is a process that requires time and patience. The Internal Revenue Service (IRS) is trying to change that. Beginning with 2019 taxes, seniors can take advantage of a new form and an easier process. It’s part of the Bipartisan Budget Act of 2018 and is designed for adults over 65. Benefits of IRS Form 1040SR Form 1040SR . has several elements that seniors may find helpful: a two-page form that uses large, easy-to-read print brighter shading to better identify where to enter information a Standard Deductions chart printed directly on the form designated lines to include specific types of retirement income. Though the form is still in draft phase, it’s expected to be ready in early 2020. Identity Theft Spikes During Tax Season Another issue to consider as you or a senior loved one prepare taxes is the unfortu...
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