Some Older Adults May Qualify for a New $6,000 Tax Break
Image courtesy of Elder Law Answers. Takeaways As of the 2025 tax year, many older Americans may benefit from a new tax provision under the One Big Beautiful Bill Act. The law, signed in July 2025, created a new annual tax deduction of up to $6,000 for taxpayers age 65 and older. Although the deduction is […]
What You Should Know About the Medicare Tax
Image courtesy of Elder Law Answers. This article was updated 10/1/2024. You may have seen the Medicare tax listed on your paycheck stubs or on your income tax return filings and wondered what it is. To learn more about what it is and what it pays for, continue reading. What Is Medicare Tax? Medicare is a […]
Avoiding Property Tax Foreclosures for Older Adults
Image courtesy of Elder Law Answers. This article was updated 6/6/2024. If you are a homeowner who is falling behind on your real estate taxes, you may end up facing foreclosure on your property. Because your property taxes hinge on the value of your property, you may find your taxes rising beyond what you can […]
Retirees: Deduct Your Long-Term Care Insurance Premium
Even if you have a long-term care insurance policy, you may likely be hoping that you won’t ever have reason to use it. Regardless of what the future holds, there’s one silver lining that you may not be aware of. That is, premiums on many long-term care insurance policies are, in fact, tax-deductible. What Is […]
Keeping Medicare Solvent Could Mean Higher Taxes for the Wealthy
Image courtesy of Elder Law Answers. This article was updated 5/22/2025. With the 2024 presidential election not too far off, coverage of heated debates over the nation’s government budget, including how to secure the future of public benefits programs like Social Security and Medicare, has dominated the daily headlines. In one recent development, President Joe […]
This Tax Season, Seniors Can Get Free Assistance
Image courtesy of Elder Law Answers. This article was updated 5/22/2025. When it comes to filing your 2022 federal tax return for the 2023 tax season, you may be able to access several forms of assistance for free. Filing Online: IRS Free File In January 2023, the Internal Revenue Service (IRS)’s Free File service opened to taxpayers. […]
5 Questions to Ask Before Making Gifts for Medicaid or Tax Planning
Many seniors consider transferring assets for estate and long-term care planning, or simply to help out children and grandchildren. Gifts and transfers to a trust often make a lot of sense. They can save on taxes and long-term care costs, help family members in need, and serve as expressions of love and caring. But some […]
Will You Owe a Gift Tax This Year?
The rules governing taxes on gifts often create confusion during tax season and at other times. Below are some of the nuts and bolts of the gift tax, including when a gift tax return must be filed. What Is the 2022 Gift Tax Exclusion? The annual gift tax exclusion for 2022 is $16,000. This means […]
Giving Your Home to Your Children Can Have Tax Consequences
Image courtesy of Elder Law Answers. This article was updated 11/21/2025. Many people wonder if it is a good idea to give their home to their children. While it’s possible to do this, giving away a house can have major tax consequences, among other results. You May Not Have to Pay a Gift Tax … […]
Tax Deductions for Assisted Living Costs
Image courtesy of Elder Law Answers. This article was updated 12/30/2025. Takeaways Assisted living facility costs continue to rise every year. The median annual cost of a private bedroom in an assisted living facility in the United States is upwards of $50,000. But did you know some of those costs may be tax-deductible? Medical expenses are […]