The Internal Revenue Service (IRS) announced that it will be extending the filing date from April 15, 2020 to July 15, 2020. This means that Americans have an additional three months to prepare and file their tax returns. Comptroller of Maryland also extended the filing date to match that of the IRS. This decision is a result of the pandemic, Covid19 or coronavirus, because many places of business have closed or converted to remote or virtual only services.
Seniors and retirees should know that they may be able to use online tax preparation software free of charge. In years past, the software providers who agreed to provide free versions to seniors and low-income individuals of any age were making it difficult to find the software online. The IRS implemented new requirements on these software providers making it easier to find the free version.
Seniors are also eligible for free counseling assistance from the IRS which includes the preparation of tax returns. Seniors can use the IRS’s Tax Counseling for the Elderly program. The TCE program is available to taxpayers who are 60 years old or older and specializes in answering questions about pensions and retirement plans. The IRS-certified volunteers who provide tax counseling are often retired individuals associated with non-profit organizations that receive grants from the IRS.
TCE sites are generally located at community and neighborhood centers, libraries, schools, shopping malls and other convenient locations across the country. To locate the nearest TCE site near you, call 800-906-9887.
For assistance with estate planning issues contact Stouffer Legal at 443-470-3599 in the Greater Baltimore area.