Make Work Pay Credit While the “making work pay” credit proposes it will cut taxes for 95% of families, there is an interesting loophole for senior citizens, which is causing some to end up with unforeseen back tax liabilities. According to the law, non-working senior citizens-in addition to retired railroad workers and disabled veterans-cannot claim…
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How Senior Citizens Can Avoid Back Taxes Headache By Chintamani Abhyankar
Recently, economic times have been tough on us all, but probably no tougher on any other group than senior citizens. Senior’s have seen their savings shrink while their expenses rise and they need to be careful that all of this does not catch them in a tricky tax situation, to boot. Seniors need to watch…