IRS Back Tax Prevention Tips for Senior Citizens

Make Work Pay CreditWhile the “making work pay” credit proposes it will cut taxes for 95% of families, there is an interesting loophole for senior citizens, which is causing some to end up with unforeseen back tax liabilities. According to the law, non-working senior citizens—in addition to retired railroad workers and disabled veterans—cannot claim the full credit. The problem is that the credit automatically adds 6.25% of earned income to taxpayer’s paychecks. Therefore, if you are

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