Caring for an elderly relative can be rewarding, but incredibly difficult – as well as expensive. However, it may be possible to recoup some of the costs through income tax savings.
There are three general approaches to tax savings on elder care costs – declaring your elderly relative as a dependent to receive an exemption,
Insurance Taxes
Social Security is generally considered a tax-free benefit, but that is not always the case. Depending on the amount of alternate income that you have in retirement and your filing status, you could owe taxes on up to 85% of your Social Security benefits.
If you receive Social Security or Social Security Disability Insurance (SSDI)
Fall is here, which means that it is time for the annual running of the workplace benefits gantlet. In all the rush to pick healthcare plans and sort out this HMO from that HSA, do not let your FSA get lost in the alphabet soup of offerings. That is a Flexible Spending Account, and it
Life insurance has grown in complexity over the years and, as a result, life insurance taxation issues have become equally complex. While you should consult with a tax professional to verify the tax status of any life insurance payout you receive, we can give you some general rules and guidelines to consider.
Pre-Tax or Post-Tax
The Affordable Care Act (ACA, or Obamacare if you prefer) has probably had a significant impact on your health insurance. Did you realize that Obamacare has had an effect on your taxes as well? Here are a few of the tax ramifications of the ACA.
Individual Mandate – If you are aware of only one
Good news: you finally got that raise. Bad news: your paycheck still isn’t as big as your thought it would be. The problem is deciphering your pay stub; where does all that money go that doesn’t go to you? Don’t worry! Pay stubs are pretty easy to read with some common sense and a little
MoneyTips Among the most attractive features of the Affordable Care Act (aka Obamacare) are the tax credits that are available to low income families to make health insurance more affordable. If you purchased your health insurance through one of the Exchanges (either Federal or state-based), you qualified for a tax credit or other subsidies if