Tag Archives: Medical

2017 Social Security COLA Increase

By: Jane-Marie Schaeffer, Esq. The Social Security Administration just announced that the 2017 cost of living adjustment (COLA) will be 0.3%, resulting in an average increase of just $5.00 per month for retirees.  While small, this is better than 2016, when retirees saw no COLA increase to their Social Security checks.  However, even this modest […]
Read More »

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, […]
Read More »

Living Wills and Health Care Proxies: The Terri Schiavo Case

The Terri Schiavo case is a landmark case that was on everyone’s minds. The bitter battle between her family and her husband lasted a decade and a half after Terri suddenly collapsed in 1990. However, her story has had an enormous impact on American consciousness, demonstrating the importance of having a living will and health care […]
Read More »

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, […]
Read More »