Older adults who are deciding whether or not to use the best income tax return filing software may be deciding if it is time to hand over control to an accountant or if they just need to find a better software system. Online income tax return filing software is not created equally, but the program that you use for filing forms should meet your needs without creating extra work for you. Electronic filing is a trusted way to stay efficient and organized throughout a tax season.
The IRS issues faster refunds for e-filers, most refunds arriving in less than 21 days.
Advanced Micro Solutions’ 1099-etc E-Filer provides a perfect standard for e-filing, whether you are an individual taxpayer or a small business. We understand, as a small business, how crucial affordable software is for individuals on a budget. Seniors who may not want to spend money on an accountant can trust that our system has comprehensive tools without overcharging users or hiding extra fees.
Best Income Tax Return Filing Software Reminders for Seniors
Just like first-time filers, seniors have their own set of rules and relevant things to look out for when it comes time to file their tax returns. Using software simplifies the entire process rather than spending all of your time on manual reporting and then possibly issuing corrections.
Senior citizens should remember to:
Take Advantage of Tax Breaks
There are a lot of changes in different areas of your life once you turn 65 years old. Make sure to take advantage of what is available to seniors, especially if you do not have a tax advisor to inform you of what deductions might exist using the best income tax return filing software.
They are:
- Higher standard deductions if you do not itemize
- New temporary senior deductions (whether you itemize or take the standard deduction)
- Credit for the elderly or disabled (nonrefundable, available to low-to-moderate-income seniors 65 or older or retired on permanent and total disability)
Manage Retirement Income and Withdrawals
Getting software can help you at any age, but especially seniors as it relates to:
Qualified Charitable Distributions (QCDs)
- IRA owners 70½ or older can exclude from gross income up to $100,000 of QCDs
- Not deductible as charitable contributions on Schedule A
- Requires written acknowledgement of your contribution from a charitable organization before filing your return with the best income tax return filing software
- Can lower your overall tax burden
Social Security Planning
Reducing your tax liability may be possible if you plan to make withdrawals from retirement accounts like tax-free Roth IRAs.
Required Minimum Distributions (RMDs)
- Mandatory annual withdrawals from traditional IRAs and 401(k)s begin at age 73
- Penalties for non-withdrawals are 25% of what should be withdrawn
Individual tax filers may find that it is beneficial to confer with a tax advisor. Speaking with an advisor can help you to better time your withdrawals so that your tax bill is not excessive.
Oversee Your Security and Watch Out for Scams
The best income tax return filing software should be reliable when it comes to protecting your data and yourself from leaks or scams. Online income tax return filing software will safeguard sensitive information throughout the year as long as you make sure that it is up-to-date and is therefore fully optimized.
Fraudsters impersonating the IRS also frequently target older adults. Protect yourself and avoid these or other scams by:
- E-filing your tax return early
- Never making payments via phone or email
- Knowing the IRS will never threaten to arrest you
- Not making a payment using gift cards or wire transfers
There is a growing number of scams that can affect older Americans leading up to, during, and immediately after the tax filing season. Whether you choose to use tax software or invest in an accountant is an important judgment call. Your choice should be determined by the best way to protect yourself and your financial interests.
Is AMS E-File Right for You?
There are many online income tax return filing software options, but none as customizable or affordable as our 1099-etc E-Filer solution. Whether you use the E-File Direct add-on module when you file or you prefer E-File Services through a third-party vendor, we offer each of our users transparent pricing and individualized capabilities.
The best income tax return filing software does not assume which tools are best for you. Users of our full-accounting suite of products can add on any of our six optional modules at any point. Our free 1099-etc Demo software lets users explore how these systems operate apart and with one another. The modules are:
- E-File
- AMS Payroll
- Forms Filer Plus
- Affordable Care Act Filer
- Software Generated Forms
- 1042-S Filer