Tag Archives: Income

Deductible Medical Expenses for Seniors

The older people get, the more medical expenses they tend to incur. The only saving grace is the expenses may add up to a federal income tax deduction. Specifically, you can deduct medical expenses you are not reimbursed for to the extent they exceed 10 percent of your adjusted gross income (AGI) for 2016 (unchanged from 2015). However, […]
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Caring for Aging Parents

As life expectancies continue to increase, it becomes much more likely that you will need to financially help an aging parent. If you find yourself in that situation, review the tax laws to determine whether you can obtain some tax relief. The key is to determine whether you can deduct your parent as a dependent, […]
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