Senior Tax Tips

  • Estate Tax Q and A for Family Caregivers

    Taxes are an important element to consider when engaging in estate planning. Discover the answers to 5 key estate tax questions.

    2 Comments
  • Start Here Every Year: Essential Tax Steps for Caregivers

    Getting an elder’s financial affairs (and your own) in order early on is an essential step that will help you avoid unnecessary stress as tax day approaches.

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  • Tax Tips for Caregivers

    Here are some tips from the IRS to make the filing process go smoother and get your tax refund faster.

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  • Answers to Tax Questions Caregivers Ask Most

    Answers to tax questions caregivers ask most: Can I claim my parent as a dependent? Can I claim medical expenses? Do I pay taxes on money my parents give to offset expenses?

    12 Comments
  • Free Tax Help for Seniors

    Taxpayers may have a harder time finding free tax preparation services and tax counseling this year. To adhere to COVID-19 safety measures, most tax help locations are functioning at limited capacity and by appointment only, so don’t delay.

    14 Comments
  • Can I Claim My Elderly Loved One as a Dependent on My Taxes?

    Family caregivers contribute both their time and money to help support those they love. When tax time rolls around, it’s important to understand that you may be able to claim your care recipient as a dependent on your income taxes and lower your tax bill.

    54 Comments
  • Coronavirus Stimulus Checks: What Seniors and Caregivers Need to Know

    Millions of Americans are set to receive economic impact payments from the government. Learn about eligibility requirements, amounts and how to submit updated information to ensure older Americans get their coronavirus stimulus checks.

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  • Inheriting an IRA Can Be Taxing

    Inheriting an Individual Retirement Account (IRA) has certain tax implications. Understand your options to avoid costly mistakes.

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  • Capital Gains Tax and Estate Planning

    Capital gains taxes play an important role in careful estate planning and the probate process. Knowing the specific rules for these taxes and any potential changes to them will help you and your family plan effectively.

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  • Tax Implications of Hiring an Independent Caregiver

    Employing a caregiver who is not affiliated with a home care agency can have a significant impact on the taxes you owe. Make sure you understand your role as a “household employer” before hiring an independent caregiver.

    20 Comments
  • Tax Rules for Social Security Benefits

    The money a Social Security beneficiary receives could affects their taxes. Discover the current base amounts and tax rates for each filing status and determine if your benefits are considered taxable income.

    3 Comments
  • Death and Taxes: The Tax Effects of an Elder’s Passing

    Learn the basics of filing a final tax return for a recently deceased loved one.

    11 Comments
  • Elder Care Expenses Can Reduce Taxes for Working Caregivers

    Working caregivers face significant challenges when it comes to balancing their careers, caregiving duties and financial commitments. Don't miss out on this opportunity to reduce your tax bill.

    3 Comments
  • The 9 Most Overlooked Tax Deductions

    Could you use a break on your taxes? You might be surprised by all of the deductions you're entitled to as a family caregiver.

    15 Comments
  • What Medical Expenses Can Be Written off on Taxes?

    Even if you can’t claim your care recipient as a dependent, you may still be able to write off some of their health care costs and further reduce your tax bill.

    17 Comments
  • Gift Tax Q and A for Family Caregivers

    Will you owe a gift tax this year? Use this Q&A to determine if the “gifts” you have received are considered taxable revenue.

    12 Comments
  • Important Paperwork: What to Keep and for How Long

    We retain health records, financial statements and tax documents just in case we need them, but this can be overwhelming for caregivers who store their loved ones’ files, too. Use these tips to organize what you should keep and purge what you shouldn’t.

    5 Comments
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