‘Nothing is certain but death and taxes’, according to Benjamin Franklin, but in saying that he was perhaps too pessimistic, particularly for seniors.  Although taxes can be a major burden for the young, seniors often benefit from the breaks that society wants to give them.  However to so benefit it is important to complete a tax return. Even for that, help is often available to elders.

In the US, you can do this online and the IRS has begun now to accept 2011 tax returns.

IRS officials encourage the use of e-filing.  More than 1 billion returns have been e-filed, an electronic transmission system that “revolutionized the way the IRS processes tax returns and made speedy refunds possible,” officials said. More than 112 million income tax returns, or 77 percent of all individual returns filed, were e-filed last year.

Tax Returns by Free File in the U.S.

The easy way to make your e-file return is to use Free File.

Free File is a free, federal income tax prep and electronic filing program for eligible taxpayers, developed through a partnership between the IRS and the Free File Alliance, a group of private sector tax software companies. Taxpayers can do their federal income tax returns using commercial online software provided by the Free File Alliance companies. You must go to IRS.gov to access Free File. This year, you have until April 17, 2012, to file and pay your taxes or request an extension.

There’s also a FAQ web page on Free File.  You will note that  the Free File program is open only to taxpayers with a 2011 Adjusted Gross Income (AGI) of $57,000 or less. Each participating company sets its own eligibility requirements and not all taxpayers will qualify for all companies. Individual company offers may be limited by AGI, geographic location, specific states and include other criteria, so it’s important to review the criteria before you choose. Or use the “Help Me Find a Free File Company” tool to help you find a program that meets your needs.

If you need help in completing your tax return, then you may be able to benefit from Free Tax Return Preparation by Volunteers.  The IRS Volunteer Income Tax Assistance Program (VITA) and the Tax Counseling for the Elderly (TCE) Programs offer free tax help for taxpayers who qualify.

The VITA Program offers free tax help to low- to moderate-income (generally, $50,000 and below) people who cannot prepare their own tax returns. Certified volunteers sponsored by various organizations receive training to help prepare basic tax returns in communities across the country. VITA sites are generally located at community and neighborhood centers, libraries, schools, shopping malls, and other convenient locations.

The TCE Program provides free tax help to people aged 60 and older.  Trained volunteers from non-profit organizations provide free tax counseling and basic income tax return preparation for senior citizens. Volunteers who provide tax counseling are often retired individuals associated with non-profit organizations that receive grants from the IRS.

As part of TCE, AARP offers the Tax-Aide counseling program at more than 7,000 sites nationwide during the filing season.  Trained and certified AARP Tax-Aide volunteer counselors help people of low-to-middle income with special attention to those age 60 and older.

E-filing Tax Returns in Canada

In Canada, NETFILE allows you to file your personal income tax and benefit return directly to the Canada Revenue Agency (CRA) using the Internet.

The NETFILE transmission service is open from February 13, 2012, until September 30, 2012, for the electronic filing of your 2011 personal income tax and benefit return. Tax returns filed via NETFILE must first be prepared using one of the 2011 commercial tax preparation software packages or Web applications certified for NETFILE.  The two certified software suppliers for 2012 are TurboTax and TaxChopper 2011 from CuteTax.  You can check these websites to see if you qualify for their free offerings.

Canada also has a Community Volunteer Income Tax Program (CVITP).  The objective of the CVITP is to help eligible individuals who are not able to prepare their income tax and benefit returns by themselves.

E-filing Tax Returns in the UK by Self Assessment

In the UK, it is possible to send a Self Assessment tax return online to Her Majesty’s Revenue and Customs (HMRC) using the secure service it provides. This software provides automatic calculations, faster processing and later deadlines.  There are a number of companies that provide the software needed.

You then need to register to use HMRC Online Services before you can use any of this software to file your tax return online.

You need to watch the deadlines carefully, since the penalties can mount rapidly. If you wish to use this service, then it’s too late for the past fiscal year since the deadline for registration was January 21.  If you are already registered, then your return must be received by them by January 31.  This year, the support staff for this service will be on strike on that date.  If this causes you to miss the deadline because you could not contact them, then the penalty will be waived.

Here too, you may be able to get volunteer help with your tax return if you need it.  If your household income is less than 17,000 pounds per year and you are a pensioner you will qualify for free tax advice from TaxHelp for Older People.

This is a service originally provided through the Low Incomes Tax Reform Group (associated with the Chartered Institute of Taxation) but is now provided by Tax Volunteers, an independent organisation, to make free professional advice on personal tax available to older people who could not otherwise afford to pay for it. A team of over 720 volunteers is available throughout the UK.

Post from: Senior Money Memos

Easier Tax Return Tips For Seniors

Technorati Tags: cra, hmrc, irs, online, tax return, taxes

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When it comes to charity for seniors, both giving and receiving can create benefits.  As declared at a recent Rome conference, Charity is necessary for happiness.

Even at a time of global financial crisis, human beings need to give charity in order to be happy.  ..  Expecting a government to provide all social services and assistance robs those who are economically stable of the opportunity to help others and risks being inefficient, cold and even immoral.

The speakers were attending the Dec. 3 Rome conference on philanthropy and human rights sponsored by the Michigan-based Acton Institute and the U.S. Embassy to the Holy See.

Dreams for Seniors Charity

It is not difficult to see how those on the receiving end can be happy through charity.  As an example, just look at the Dreams for Seniors Charity.  Dreams for Seniors focuses on celebrating seniors, granting their wishes and making dreams come true.

Perhaps your elderly neighbor wants to reconnect with a friend she hasn’t spoken to in years. Or your grandmother would like a computer so that she can stay in touch via email with family and friends. Or a nursing home resident you visit would like to go to a Cubs game at Wrigley Field.

18 Dreams Delivered…and still counting!

Those who get involved in charity work can also find it provides an inspirational career change even for a top professional.

Senior charity jobs represent a great opportunity to experienced business people and successful managers, usually from their mid-forties onwards, who become disillusioned with business and corporate work where the aim is the continual pursuit of profit beyond all else. In some organizations they find themselves lacking further drive, realizing that their talents are largely profiting the few top executives, owners, and shareholders of their companies.

That is not to say that there will not be challenges.  Perhaps the highest profile example is now evident in Washington.  As the confirmation process for Hillary Clinton as Secretary of State proceeds, she may be Trapped by Bill’s Big Web of Donors.

It’s her husband who’s the problem. Has there ever been a bigger spousal conflict of interest than former President Bill Clinton collecting large sums from donors foreign and domestic, many of whom have a stake in cozying up to a global duopoly? Who knew two for the price of one could turn out to be quite so pertinent?

While Clinton has agreed not to take any more money from regimes that have a stake in his wife’s policies, he still can accept money from foreign business executives as long as he names them annually. That ensures, Clinton said, there won’t be “even the appearance of a conflict of interest.”

Nevertheless giving or receiving charity is clearly positive and this apparent exception only serves to prove the rule.

Footnote: If you are interested in books on Charity, then why not visit the Charity section of the Money Bookstore.

Post from: Senior Money Memos

Seniors For Charity – Givers Or Receivers

Technorati Tags: giving, Hillary Clinton, receiving

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Seniors often have a good deal of sense and experience and sometimes spare time.  They may well respond in large numbers to Colin Powell’s encouragement to be a volunteer.

The former Secretary of State and Joint Chiefs chairman urged Americans on Friday to help out their country by volunteering, and pointed to a Web site set up by Barack Obama’s inaugural committee where they can find opportunities in their communities.

Powell said ordinary Americans could help Obama dig the country out of its economic rut by helping out in nearby schools or nursing homes.

“I think there’s a fervor for the new administration coming in, and I think the new president can tap into this fervor through this program,” Powell said at a news conference.

If you live in Canada and are keen on volunteering then there is a volunteer site with a good deal of useful information.  For the over fifties, there is a Volunteering & Healthy Aging website.

This on-line resource targets the Baby Boomer cohort with a goal of encouraging them to continue volunteering or to become a volunteer by offering their vast array of skills, experience and passion to a cause.  Volunteering can promote healthy lives and vibrant communities.

There are now 11 million baby boomers in Canada, who may be thinking about retirement, or are already retired.  They are often looking for new experiences and personal challenges and how to make a difference.  That’s where volunteering fits in.

There are many other resources and websites in North America that can suggest ideas.  For example the Give Back with Impact website covering North Dakota and western Minnesota suggests some first steps in contributing your Time, Talent and Treasure to others.

It is not just the seniors either.  The PBS Kids website,  It’s My Life, includes a good number of Topics on Volunteering.  As they say, you can Give and Get Back!

What we have is a new (Teen) Culture of Volunteerism

While some of today’s youth may be self absorbed and callous, there’s a big pocket of young Americans who are giving back – and giving back big.

Thanks to the Internet, wonderful teachers, and thoughtful parents the interest and participation in public service and volunteerism among teenagers has risen dramatically over the last decade. In fact, today’s teens are far more likely than their predecessors to find ways to give back and to shape the world they will inherit.

With the teens pitching in, the seniors can hardly sit back and not get involved.  Volunteers away!

Footnote:  If you are interested in books on Volunteering, then why not visit the Volunteering section of the Money Bookstore.

Post from: Senior Money Memos

Give Back By Volunteering

Technorati Tags: Barack Obama, Colin Powell, seniors, Volunteer, volunteering

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