Tips For The Elderly
Madness in March runs deeper than college basketball. Putting the finishing touches on your annual tax returns can itself be a maddening experience. For those who are getting on in years, here are some helpful tax tips and reminders:
Deducting one's medical expenses isn't technically difficult. But younger taxpayers rarely get the deduction because allowable expenses must exceed 7.5 percent of adjusted gross income before any benefit kicks in. Seniors, though, typically live on lower fixed incomes while incurring far greater medical costs.
In addition to insurance premiums and prescription drug bills, elderly taxpayers may also be able to deduct the costs of wheelchairs, dentures, premiums for long-term care insurance and many other items. The Internal Revenue Service spells out the details at its Website.
Hiring In-Home Care
A tax reporting challenge may arise when families hire home care for an elderly parent. Many families find assistance through an agency, but some choose to deal directly with an aide. In such a situation, the home care aide might legally be an employee, not just an independent contractor.
Senior Citizen Assessment Freeze
Qualified senior citizens can apply for a freeze of the assessed value of their property. This is dependent by County. Illinios Revenue