This Tax Season, Seniors Can Get Free Assistance
When filing your 2022 federal tax return for the 2023 tax season, you may be able to access several free assistance forms. Filing Online: IRS Free File In January 2023, the Internal Revenue Service (IRS)’s Free File service opened to taxpayers. Through IRS Free File, you can prepare and file your federal individual tax online — […]
5 Questions to Ask Before Making Gifts for Medicaid or Tax Planning
Many seniors consider transferring assets for estate and long-term care planning purposes, or to help out children and grandchildren. Gifts and transfers to a trust often make a lot of sense. They can save money in taxes and long-term care expenditures, and they can help out family members in need and serve as expressions of […]
Will You Owe a Gift Tax This Year?
The rules surrounding taxes on gifts often create confusion during tax season or any other time. Below are some of the nuts and bolts of the gift tax, including when a gift tax form needs to be filed. What Is the 2022 Gift Tax Exclusion? The annual gift tax exclusion is $16,000 for 2022. […]
Giving Your Home to Your Children Can Have Tax Consequences
Many people wonder if it is a good idea to give their home to their children. While it is 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 … When you give anyone property valued at more than $16,000 […]
Tax Deductions for Assisted Living Costs
If you or a family member lives in an assisted living facility, you know that assisted living costs continue to rise every year. But did you know some of those costs may be tax-deductible? Medical expenses, including some long-term care expenses, are deductible if the expenses are more than 7.5 percent of your adjusted gross income. […]
How Changes to Portability of the Estate Tax Exemption May Impact You
On July 8, 2022, the Internal Revenue Service issued new guidance that allows a deceased person’s estate to elect “portability” of their unused gift and estate tax exemption for up to five years after their death. So, if your spouse passed away less than five years ago, you may be able to file an […]
Earned Income Tax Credit Now Available to Seniors Without Dependents
Working seniors without dependents may qualify for the earned income tax credit when they file their 2021 tax returns. The tax credit assists those with low incomes but was previously primarily available to people with young children. If you file taxes and your earned income is below a certain level, you can apply the earned income […]
Retirement is supposed to mean less stress- Learn where Seniors can find free help with their tax preparations!
Tax season is here! It can be a breeze for some people and for others, not so much. We are all pretty much aware of the options available to us. Turbo Tax is a popular one for the DIY set. Some people have an accountant bear the burden, and responsibility, of filing it for them. […]
Are You a Grandparent Raising Your Grandchildren? You May Qualify for the Earned Income Tax Credit.
There has been an uptick in the instances of grandparents raising their grandchildren. According to an article by AARP and Dr. Andrew Adesman, MD, “A large and increasing number of mothers and fathers aren’t able to meet the responsibilities of parenthood, prompting their own parents to take on the primary caregiver role for their grandchildren.” […]
New Tax Laws and the Implications it May Have on Your Estate Plan
When people create an estate plan, oftentimes they fail to realize that it is a living entity and as such needs to be updated as their life progresses and changes. While the majority of estate plans do not have to worry about paying the federal estate tax, this shouldn’t be an excuse for determining the […]
