Ask Terry Questions tax exemption for seniors?

tax exemption for seniors?

By Terry Savage on April 01, 2018 | Taxes & Economy

what are the qualiforcations for senior taxexemption?

Terry Says

OK, it's tough to answer this question from the way you worded it.  If you're talking about INCOME taxes, you'll now pay a lower rate on your income for 2018.  Some low income people are exempt from paying income taxes.  Here is the current rule for federal income taxes:  If you're single, under the age of 65, and your yearly income is less than $9,350, or married, under 65, with income less than $18,700, you're exempt from paying taxes. If you're over the age of 65, single and have a gross income of $10,750 or less, you don't have to pay taxes. Now, if you're talking about a senior tax exemption for property taxes, that depends on each state and perhaps even on your county of residence.  You should contact your county assessor's office and they can give you the income and age limits for any kind of property tax exemption and/or freeze. For example, if you live in Cook County, Il (as many of my Chicago area readers do), here's a link to the exemptions and freezes available to seniors. Here is a quote from the top of that page:  Cook County homeowners may take advantage of several valuable property-tax-saving exemptions. There are currently four exemptions that must be applied for or renewed annually: The Homeowner Exemption, Senior Citizen Homestead Exemption, Senior Citizen Assessment Freeze Exemption, and the Home Improvement Exemption. The most popular exemptions are increasing for Tax Year 2017 (payable in 2018). It pays to do your homework because you can really save money!



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