Learn something new every day
More Info... by email
Tax breaks and concessions that are intended only for senior citizens are referred to as senior tax relief. Typically, senior tax relief programs are designed to make paying taxes easier for senior citizens, who are often living on fixed incomes. Such programs may allow senior citizens to keep more of their income for handling living expenses. Additionally many of these tax relief programs are aimed not only at people who’ve reached a particular age, but also at those who have low incomes. For these people, heavy taxation could lead to financial hardship.
There are different types of senior tax relief for which a person may be eligible. Such programs may be offered by national, regional, or local tax authorities, and each tax relief program may have different rules for eligibility. They may also differ in the types of tax breaks and write-offs offered. For example, some tax authorities may offer senior citizens breaks on the amount of income tax they have to pay. Others may offer senior citizens breaks on property taxes or the opportunity to take special deductions.
One type of senior tax relief is property tax relief. While this tax break may not be available in all places, some tax authorities offer senior citizens a significant reduction in the amount they have to pay for property taxes. For example, a senior citizen may be eligible for a discount on the amount of real estate taxes he has to pay for his residence. Often, a person who wants to take advantage of this type of relief may have to be a certain age, such as over 60, and have income below a specified amount. Sometimes those who are disabled, regardless of age, may be eligible to take advantage of senior tax relief as well.
In some places, a tax authority may offer senior tax relief on income taxes as well. Often, such tax relief is called an elderly tax credit or is given a similar name. To take the tax credit, a person usually has to be considered an elderly taxpayer. In many places, this may mean the person has to be 65 or older, though some jurisdictions may offer the credit to younger people, such as those over 60. Additionally, some jurisdictions offer these credits to those who are disabled but not yet senior citizens; these credits typically reduce the total amount the taxpayer has to pay for income taxes.