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Of the whole organization that goes to your retirement, little imported as much as your financial planning . Part of this includes acclimatization to a new system when the time comes to produce your taxes each year, even if your income situation will probably change radically. But although you can think that you are ready for the task, the experts say that there are a few things that the elderly must keep in mind when organizing everything. Read the rest for the most critical tax deposit warnings for retirees, according to the accountants.

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Once you reach retirement age, you can finally get your hands on social security income that you have been waiting for years. However, there is a good chance that some or most can be taxable, especially if you still have other money.

"It is estimated that 40% of people who receive social security income must pay federal taxes on these benefits," said Jessica Wheaton , a certified public accountant (CPA) and a senior executive of tax and accounting services to Fiske & Company . "If social security is your only source of income, you probably don't have to worry, but if you are lucky to have other sources of income that would increase your gross income, you may have to pay Taxes up to 85% of your advantages. "

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Many people plan to switch to warmer time or reduce the workforce after leaving the labor market. However, experts warn that retirement in a different state may have significant tax implications if you are not prepared to come. AE0FCC31AE342FD3A1346EBB1F342FCB

"Some states, such as Florida, have no income or inheritance taxes, but high sales taxes, while others, like Connecticut, have high tax rates," said Roxanne Hendrix , Cpa and fiscalist With Justanswer. "Make sure to understand the tax laws of the area in which you move to avoid unforeseen tax charges."

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Most people focus carefully on storage enough funds so that they can live comfortably after having stopped working. But according to Hendrix, it is important to remember how to use them once you have really left the labor market.

"The IRS requires that anyone be 73 or more to take the minimum distribution (RMD) required of deferred retirement accounts, such as IRA and accounts 401 (K)." Hendrix tells Better life . "The IRS requires annual distributions so that individuals cannot continue to increase the deferred tax accounts indefinitely, then transmit them to the heirs."

However, it warns that if you do not take the required distributions in one year, the tax agency will assess an excise tax of 50% on them. This means that someone who does not withdraw $ 5,000 from their required distribution amount would pay a penalty of $ 2,500.

"Just make sure you are aware of the amount you need to withdraw from your accounts each year before depositing, because the last thing you want is to pay additional on the tax season," warns Hendrix.

Even if you have been the type of person to deposit your taxes Unaccosity During most of your life, the complexity of tax laws constantly evolving can make it more difficult to stay at the top. This is particularly true for a while in your life where financial security may not be as solid as during your years of work.

"Depending on the preparation of the taxes to do yourself without requesting professional advice, can increase the probability of errors and the missed opportunities for tax savings," explains Hendrix. "One of the best ways to avoid these mistakes is to hire a taxation or a financial advisor specializing in retirement planning."

She stresses that IRS maintains a directory of federal income statements with specific online references and qualifications, such as registered agents. But there are often ways to get help without even having to pay.

"While we are sure that you have accumulated a lot of wisdom over the years, there is no shame in asking for a helping hand, especially when it's free!" said Wheaton. "THE Tax advice for the elderly The program (TCE) provides free assistance to eligible taxpayers, especially 60 years and over. ""

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Even if technology has facilitated the compilation of your information and deposit online, it has also given criminals new ways of targeting potential victims. And unfortunately, the elderly are often the target of such scams, often by e-mail and telephone calls.

"IRS estimates are lost Tax -related scams Each year, and the crooks become more and more sophisticated day by day, "explains Wheaton.

She suggests following the rule of "in case of doubt, hangs up" when it comes to a suspect call from someone who claims to be an IRS representative. Thereafter, you can contact the IRS directly or contact your accountant to confirm whether the call was legitimate.

"Scholars tend to ask you for personal information, such as the status deposit, your social security number, the Identity Protection PIN code and other personal questions in order to prepare fraudulent income declarations To claim tax reimbursements, "she warns. "And please note that the IRS never sends you email, so you can ignore all the messages claiming to come from IRS. Stay vigilant!"

Best Life offers the most recent financial information of the best experts and the latest news and research, but our content is not supposed to replace professional advice. Regarding the money you spend, save or invest, always consult your financial advisor directly.