Paying taxes can be a challenging task for anyone, but it can be particularly difficult for seniors and disabled individuals. Fortunately, there are tax relief programs available to help those who may struggle to pay their taxes. 

In this article, we’ll discuss some of the tax relief programs available.

Elderly and Disabled Tax Credit

The Elderly and Disabled Tax Credit is a tax relief program designed to help low-income seniors and disabled individuals. To qualify for the credit, you must be over 65 years old or disabled and have a taxable income below a certain threshold. 

The credit amount is based on your income and filing status and can range from $3,750 to $7,500.

The credit is non-refundable, which means it can only be used to reduce your tax liability to zero. If your tax liability is less than the credit amount, you won’t receive the difference as a refund. However, you may be able to carry forward any unused credit to future tax years.

Property Tax/Rent Rebate Program

The Property Tax/Rent Rebate Program is a tax relief program available in many states that helps seniors and disabled individuals pay for property taxes or rent. To qualify for the program, you must meet certain income and residency requirements. The amount of the rebate varies depending on your income and the amount of property taxes or rent you paid.

In some states, the Property Tax/Rent Rebate Program is limited to seniors only, while in others, disabled individuals may also be eligible. 

Homestead Exemption

This program is available in some states that provide a reduction in property taxes for seniors and disabled individuals who own their homes. To qualify for the exemption, you must be over 65 years old or disabled and have a certain income level. The amount of the exemption varies depending on your income and the value of your home.

In some states, the Homestead Exemption may also provide protection against property tax increases. For example, if your home’s value increases, the amount of the exemption may increase as well, helping to offset any tax increases.

Takeaway

If you’re tired of being stuck in tax debt, sign up for your free tax consultation. From this call, you’ll be able to determine if you qualify for our services and which tax relief program will work best for your unique situation. 

TaxRise has helped thousands of taxpayers just like you resolve their tax issues and erase their tax liability. Book your call and get started today!

Start focusing on enjoying your retirement or managing your disability, rather than worrying about how to pay your taxes.