Long-term Care Premiums: If you have long-term care insurance, you may be able to deduct premiums if they exceed 10% of your AGI. There are limits based on age, and the insurance must meet IRS qualifications.6 Home Mortgage Interest: You can deduct mortgage interest on the first $750,...
If you qualify for tax exemptions, you don't have to pay taxes on certain types or amounts of income. In addition to personal and dependent exemptions, there are tax exemptions for charitable organizations and other qualifying organizations. Learn more a
The tax system gives you a choice of adding up all of your deductible expenses—and providing evidence of those expenses to the IRS upon request—or simply deducting a flat amount, no questions asked. That flat amount is called the "Standard Deduction." What are Standard Deductions? Stand...
Tax credits can take a bite out of your day care bills, as long as you can wait until tax season to reclaim some of the money spent on child care. Some tax credits may not be tied to paying for child care exclusively but can still be used to reduce those expenses. The child and...
In this survey, the top three risk concerns remained the same as they had in prior years: they included concerns about savings, not keeping up withinflation, and the ability to afford health and long-term care expenses.3 Types of Post-Retirement Risk ...
(The federal health program Medicaid pays for long-term care, but is typically reserved for those with low income and little savings.) Some common expenses that aren’t covered include: Hearing aids and exams for fitting them. Eye exams and eyeglasses. Dentures. Most dental care. Most foot ...
Presidents Day Sales Look for major discounts on big-ticket items like mattresses, jewelry, electronics, appliances and furniture. Erica SandbergFeb. 13, 2025 6 Tax Scams and How to Avoid Them Thieves take advantage of news events and your desire for a big...
When applied to immediate annuities, the term qualified refers to the tax status of the source of funds used for purchasing the annuity. These are premium dollars which until now have "qualified" for IRS exemption from income taxes. The whole payment received each month from a qualified annuity...
for goods or services that will be utilized in the future. These expenses are considered assets on the balance sheet because they provide future economic benefits to the company. Prepaid expenses are often incurred for long-term commitments, such as insurance premiums, rent, or maintenance ...
You may have heard of a Health Savings Account (HSA), but did you know it can be used to help pay for long-term care costs? HSAs were created as a way to save money for out-of-pocket healthcare costs of ahigh deductible health plan(HDHP). In fact, an individual or family must...