Everyone should pay their taxes. But for poor seniors, it isn’t fair to ask them to pay tax bills instead of rent, food, or medicine. In this video, Attorney Eric Olsen, Executive Director of the HELPS Nonprofit Law Firm explains the steps seniors should take to avoid paying taxes that they legally owe.
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0:00 Introduction to Attorney Eric Olsen and the HELPS Nonprofit Law Firm
1:23 Why seniors may owe income taxes
2:09 There’s no crime in not paying your taxes
2:55 It’s possible, but seniors don’t lose their homes by not paying taxes they can’t afford
4:04 Can the IRS take your Social Security benefits if you don’t pay your taxes?
5:00 What is Currently Not Collectible status?
10:46 Why you should inform the Internal Revenue Service where you live
11:30 The IRS is relatively easy to work with
12:00 Do seniors have to worry about a 1099-C when they have debt forgiven?
13:49 State tax collectors can’t take Social Security, VA benefits, or pensions
15:47 Seniors generally don’t have to worry about tax liens
17:23 How HELPS Nonprofit Law Firm helps seniors
19:10 How to contact the HELPS Nonprofit Law Firm
Not filing a tax return is a crime, but not paying your taxes owed isn’t. Poor seniors struggling to make ends meet can be put on Currently Not Collectible status, which means that the Internal Revenue Service will not attempt to collect unpaid taxes from you. Sometimes, all you need to do is make a phone call. It can be complicated, but the HELPS Nonprofit Law Firm can help with the paperwork.
The IRS can take 15% of your Social Security benefits if you owe back taxes. But many of these people don’t know that they can get on Currently Not Collectible status to stop the government from taking their Social Security benefits to pay taxes.
Could the IRS take a senior’s home? It’s possible, but attorney Eric Olsen explains how that rarely happens, and why seniors don’t need to worry about tax liens. The former bankruptcy attorney explains that state tax collectors can’t take your Social Security, VA benefits, or pensions, but they won’t tell you that.
The HELPS Nonprofit Law Firm helps seniors who are struggling with debt, including those with tax bills that they can’t pay. Watch as their founder explains how they can help poor seniors avoid paying their tax bills.
Jeff Hoyt is SeniorLiving.org’s Editor-in-Chief.
For why seniors don’t have to worry about old debts, watch https://youtu.be/FDlyud-vG90
To watch Attorney Eric Olsen explain why seniors don’t have to worry about student loans, check out https://www.youtube.com/watch?v=PE4a7oaxc1E
To learn when seniors should consider Bankruptcy, watch https://www.youtube.com/watch?v=Iu0fy8JujGo
If you’re thinking about a reverse mortgage, watch https://www.youtube.com/watch?v=_4e4Ood1Ss8
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To contact the HELPS Nonprofit Law Firm, call 1-855-435-7787 or visit helpsishere.org.
Like to save money? Please watch: “The Best Senior Citizen Discounts”