Adapted from AARP.org; read the full article at https://www.AARP.org/money/taxes/filing-tax-return-tips/
Tax season is here. While that might not be the most exciting news, you do have control over how smoothly it will go. With the right information, you can breeze through. Here are 6 things you should know about filing this year.
1. Taxes are due April 15 (for most people)
Federal income tax returns for the 2024 tax year are due April 15, 2025 — with a few exceptions. One exception applies to victims of certain natural disasters like Hurricanes Helene and Debby. If you lived in a federally declared disaster area, the IRS may grant you an extension to file and pay your taxes. See IRS.gov for details.
2. There’s a special tax form for older taxpayers
If you’re having trouble reading IRS Form 1040 because of vision issues, consider IRS Form 1040-SR. The form has larger type and a chart for calculating your standard deduction.
3. You get a higher standard deduction if you’re 65 or older
The standard deduction reduces your taxable income: for single filers and for those who are married but filing separately it’s $14,600 for the 2024 tax year (up $750 from last year). For married couples filing a joint return, the standard exemption is $29,200 (up $1,500 from 2023).
The standard deduction gets even better if you’re 65 or older. Each joint filer 65 and older can increase their standard deduction by $1,550, for a total of $3,100, if both joint filers are 65-plus. Single filers 65 or older get an extra $1,950 standard deduction.
Related: New IRS Tax Brackets Could Lower Taxes for Some
4. Not everyone has to file a tax return
In most cases, you don’t have to submit a return if your gross income is less than your standard deduction.
“Gross income” generally includes all income you received during the tax year in the form of money, goods, property and services that isn’t exempt from tax. As a result, only the taxable portion of your Social Security benefits (if any) is included in your gross income for this purpose — the exempt part doesn’t count.
There are still some situations where you’ll have to file a tax return even if your gross income is less than your standard deduction. See IRS.gov for more.
5. Track your refund
No more checking the mailbox or your bank’s website. There’s a better way: Use the IRS’ “Where’s My Refund?” tool. Once you’ve signed up, you can virtually watch your tax refund go through the tax system. https://www.IRS.gov/wheres-my-refund
6. Get free tax help
AARP Foundation Tax-Aide is targeted at older taxpayers with low to moderate income. Find Tax-Aide locations at AARP.org.
The IRS’ Volunteer Income Tax Assistance (VITA) service offers free tax help for qualifying taxpayers at thousands of sites across the country. Typically, those who qualify make $67,000 or less. (Visit IRS.gov)
The IRS offers its own free tax software (Direct File). It’s available in Florida to people filing relatively simple tax returns. Start at DirectFile.IRS.gov.
