[Nfbofsc] FW: Talking Taxes, Dan's tip for January 16 2015

[Steve & Shannon Cook]

Steve and Shannon Cook

Steve on Dice World: Steve6009

Steve on Twitter: @SteveCook67

Today I married my best friend.  

The one that I laugh with, live for, love.

October 11, 2003 

 

From: dan Thompson [mailto:dthompson5 at mchsi.com] 
Sent: Friday, January 16, 2015 8:10 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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