taxes Articles

What Seniors Need to Know This Tax Season

what seniors need to know about tax season

what seniors need to know about tax seasonNone of us can escape tax season, not even when we get older. Those over 65 have various tax considerations that come into play with regard to Social Security income, age-related deductions and credits, IRA distributions, medical expense deductions, and more. Below is some general  information for older adults and their families to consider for this …Read more ›

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The Best-Kept Secrets of Senior Living Financing

best kept secrets of financing

best kept secrets of financingThink you know the ins and outs of paying for senior living? These financial facts may surprise you!


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These Retirement Community Fees Could Get You a Tax Deduction

Though even some financial advisors don’t know it, big tax breaks are often available for people who move into continuing-care retirement communities, reports The Best Life blog. Adult children who help parents pay the communities’ fees may also be eligible for the breaks.

Because CCRCs provide health care services, parts of both the entrance fee and the monthly fee may be deductible.

The percentage of CCRC payments that may …Read more ›

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Hiring a Caregiver Yourself? Don’t Forget About Taxes.

If you need in-home care, you have two main options: hiring through an agency or hiring an aide directly yourself. If you choose the latter, one thing to remember is the IRS considers you an employer. And that means taxes.

In an article about taxes and caregivers, Kiplinger explains that if you pay the aide $1,800 or more, you owe Social Security and Medicare taxes.

Your share …Read more ›

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2013 Taxes: Can You Claim Your Elderly Parent As a Dependent?

It’s a new year, which means … tax talk has already started rolling in. But this post is about good news on that front.

If you help an elderly parent financially, you may qualify for a tax deduction. You just need to be able to claim your parent as a dependent.

The Associated Press explains:

A qualifying relative can be a child who doesn’t meet the qualifying child requirement, a parent or stepparent, …Read more ›

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Is Your Elderly Parent a “Medical Dependent”? (Don’t Miss Your Tax Deduction!)

Did you know there’s such a thing as a medical dependent? If you help an elderly parent with medical expenses, you may have one!

“Medical dependent” is a government designation. It allows for a tax deduction for some people who help pay their parents’ medical bills. explains:

This is a little easier than becoming regular dependents. For your parents to be your medical dependents, you must provide at least half their …Read more ›

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Surprising Tax Deductions in Continuing-Care Retirement Communities

It’s springtime! Yay! Which means, of course, tax season. Boo.

If you or your parents moved into a continuing-care retirement community last year, there is good news though. Part of the CCRC entry fee may be tax-deductible. Tax professional Robert Flach writes at the website MainStreet:

Any portion of the lump-sum entry fee identified in the residential agreement as a condition for the facility’s promise to provide lifetime medical care …Read more ›

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AARP Offering Free Tax Help for People 50-Plus

AARP is helping people file their tax returns at sites around the country. And it’s all free. You don’t even have to be a member to get the aid.

The program, AARP Foundation Tax-Aide, is “geared towards doing taxes for the 50+ who have a limited incomes,” according to an AARP blog post. If you’re interested, check out the post, which tells what to bring and how and when to make …Read more ›

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Paying for Senior Care? Flexible Savings Account May Help You Save on Taxes

If you pay for an aging parent’s care, you may be eligible for some tax-saving options, Forbes reports. For example, consider a son whose mother lives with him:

If his employer offers one, the son could open up a flexible savings account for dependent care (mom would have to be his dependent and live in his house for at least half the year). You can put in $5,000 pretax salary each year to pay for …Read more ›

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Free Tax Help for Seniors: Get Special Credits and Deductions

Seniors have a few special things to consider when filing taxes, reports The New Old Age. For example, medical expenses are more likely to be deductible than when they were younger. And they may qualify for a senior credit and deduction.

Seniors can get free tax help to sort through all this, the blog reports. AARP Tax-Aide is for people 60 and older and available “at thousands of locations.”

“I have a …Read more ›

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