The New York Times’ “The New Old Age” blog offered some money saving tax tips for seniors:
Medical Deductions: Few people can make medical deductions when they are younger, but due to increased medical expenses and decreased income, many more seniors are eligible. If your allowable medical expenses are greater than 7.5 percent of your adjusted gross income, then the expenses are deductible.
What is a Deductable Medical Expense?: Supplemental health insurance premiums, prescription drug bills, costs of wheelchairs, dentures, long term care insurance premiums and many other health related costs are deductible. A complete list is available from the IRS.
Tax Credits: Adults 65 and older may qualify for a special tax credit. You can learn more from the I.R.S.
Real Estate Credits: Many states offer home-owning seniors a partial rebate on real estate taxes. Check with your state’s tax agency about availability of this credit.
Free Help with Taxes: AARP Tax-Aide offers free assistance to seniors on federal and state tax returns.
- Read the full article: “A Few Tax Tips for the Elderly” by Patrick Egan in the New York Times
- Talk with an Insurer to Make Sure You Have the Best Supplemental Health Insurance
- Find the Right Financial Advisor for You
