Wondering if there’s an age when taxes stop? Dr. Friday busts the myth that seniors can avoid filing taxes based on age. Tax obligations depend on income, not age. Whether you’re in your 40s or 90s, filing is necessary if you meet the income threshold. Plus, Medicare taxes always apply to earned income, no matter your age. Tune in to learn more about age, income, and taxes!
Transcript:
G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment.
I can’t tell you how many times people come into my office and ask, “When will I not have to pay taxes? Is there an age when the IRS will stop taking my taxes? I don’t have to file no matter what?” Let’s clarify—no, there is no age. It’s all based on income. I have people in their 90s that file taxes, and people in their 40s that don’t file because they don’t have income. Taxes depend on income, not age. Remember, for working individuals, Medicare tax applies to every earned dollar with no cutoff. If you need help understanding taxes, give our office a call at 615-367-0819.
You can catch the Dr. Friday Call-In Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.