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Tax Implications of the Elderly

Tax Implications of the Elderly

There are laws that govern retirement taxes in Ohio. The state also offers retirees or the elderly a cost of living that is slightly below the national average however, its retirement taxes are somewhat higher than average as compared with other states. It can be said that Ohio is moderately tax-friendly for retirees as there may be assets which are tax-free, there are also those that are considered as income. If you or your elderly loved ones need assistance with their taxes, avail of our accounting services and we can make your filing easy.

But to fill you with some important information regarding taxes for retirees, let’s tackle some topics one by one. Social Security retirement benefits are not taxable in Ohio. This, along with the state’s low cost of living, makes it possible for some to live off Social Security benefits alone. But for income from pensions or retirement accounts, these are taxed as regular income. Taxpayers who are 65 years old and above are eligible for certain credits such as a $50 credit if their adjusted gross income is less than $100,000. Then there’s the Ohio homestead exemption which reduces the property taxes owed by qualifying seniors. For this exemption to apply, the homeowner must be at least 65 years old with an Ohio Adjusted Gross Income of not more than $32,800 in the year 2019. Those who are permanently disabled are also eligible to claim this exemption. There are a lot of companies that offer tax services in Ohio that can help in assessing one’s eligibility under tax laws.

You may also contact us at Damawa Tax & Accounting Services, LLC! We offer superb accounting & bookkeeping services in Whitehall, Ohio.

Talk to our experts for effective payroll services.

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