[accesscomp] FW: Talking Taxes, Dan's tip for January 16 2015
- From: "Robert Acosta" <boacosta@xxxxxxxxxxx>
- To: "awannouncements" <awannouncements@xxxxxxxxxxxxxxx>
- Date: Fri, 16 Jan 2015 07:39:18 -0800
Robert Acosta, President
Helping Hands for the Blind
(818) 998-0044
www.helpinghands4theblind.org
From: dan Thompson [mailto:dthompson5@xxxxxxxxx]
Sent: Friday, January 16, 2015 5:10 AM
To: dan Thompson
Subject: Talking Taxes, Dan's tip for January 16 2015
Talking Taxes
By Leisa Rosen, CPA
This segment will occur in the first quarter of the newsletter to give you some
information about filing your taxes in the United States as a legally blind
person.
Anyone whose field of vision falls at or below 20 degrees, who wears corrective
glasses but whose vision is 20/200 or less in his best eye, or who has no
eyesight at all, meets the legal definition of being blind and is eligible for
certain tax deductions. Several aspects of federal tax law apply specifically
to blind or visually impaired citizens.
A bigger standard deduction for blind taxpayers:
Box 39A on the 1040 tax-return form and Box 23A on the 1040A form are both
places where blind filers can claim unique deductions. This translates into a
larger tax break, allowing you to subtract a bigger standard deduction from
your adjusted gross income.
If you're blind and over age 65, your savings increases.
Married filers also benefit from this deduction when their spouse is visually
impaired.
Credit for the elderly and the disabled
The IRS offers two ways to qualify for the Credit for the Elderly and the
Disabled:
be at least 65 years old or have a disability that forced you to retire before
your employer's mandatory retirement age, usually age 65.
To qualify as disabled, you also need to have taxable disability income such as
Social Security disability benefits. This credit reduces the amount of tax owed
to the IRS. Unlike the earned income tax credit, it is nonrefundable, meaning
it does not offer a refund if it lowers your tax liability to zero.
Be sure to consult your tax advisor for specifics related to your own
Individual circumstances.
Next month�s Talking Taxes found in the Blind Perspective Newsletter, will have
infromation regarding medical deductions.I will include this in Dan'st tips
during February 2015.
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My soul finds rest in God alone; my salvation comes from him. He alone is my
rock and my salvation; he is my fortress, I will never be shaken.
Psalm 62:1-2
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