Tax Credit for the Elderly or Disabled: What You Need to Know

Want to know if you qualify for a tax credit for the elderly disabled? Interested in finding out more about a tax credit for people over 65? Looking for details on getting more from your tax return?

There are few tax credits out there that are truly simple. Sometimes it even seems that the more complicated the credit is, the more you really need it. Well, if you’re feeling unsure or overwhelmed looking at the tax credit for the elderly or disabled, we've put together a simple but comprehensive look at the credit to help you through it!

Form to Use: 1040 or 1040A

Qualifiers:

• Age and Disability: You or your spouse must be over 65 or have a permanent disability.
• Income: Must be less than $17,500 (single), $20,000 (married filing jointly, one spouse qualifies), $25,000 (married filing jointly, both qualify).
• Non-taxable Income: from social security, pensions, etc. must be less $5,000 (single, married filing jointly and only one spouse qualifies), $7,500 (married filing jointly and both qualify).

Calculating Your Credit: Use a Schedule R to figure out your credit. The instructions for Schedule R also include information on how to have the IRS calculate the credit for you. 

Other Sources: The IRS has published sources to assist seniors with this tax credit and taxes in general. These are IRS publication 524 and 554 respectively. 

With our simple guide to the elderly and disabled tax credit, you can feel confident that you’re more likely to get the return you really deserve! Although our guide should be useful, because taxes can be complicated and unique to your situation, it’s recommended that you seek the advice or services of a professional before filling.  If you have more questions about taxes or respite care in Ann Arbor, give us a call today. At Hillside Terrace, our family shares life with yours.

Tax Credits: What You Need to Know as a Senior Taxpayer

Want to be sure you’re getting every penny of the tax credits you’re eligible for? Need a rundown of the tax credits available to senior taxpayers? Curious if you could be getting more out of your tax return as a senior taxpayer?

Tax credits can be tricky! Nobody is combing through your return at the IRS looking to get you more money. So, it’s time to take matters into your own hands and make sure you’re getting the biggest return possible. Now that you may be entering a new age bracket, or have different circumstances to consider, take a look at our guide to tax credits for the senior taxpayer and be confident you’ll get what you deserve! 

Credit for the Elderly or Disabled

Taxpayers over the age of 65 may be eligible for this tax credit. Similarly, if you’re under 65 but are retired with a permanent disability and receive disability benefits, you may be eligible for a tax credit.

Credits for Dependent Care Expenses

For those with a qualifying dependent who needs care outside of your home, the expenses for that care may qualify you for a tax credit. 

Premium Tax Credit

If you or a family member are enrolled in a health plan through HealthCare.gov or a state marketplace and get assistance to pay for the premiums, you may be eligible for this credit.

Earned Income Credit

Taxpayers over 65 with a child dependent who are working and earning less than $53,505 may qualify for this credit. 

With our simple guide to tax credits for seniors, you can feel confident that you’re more likely to get the return you really deserve! Although our guide should be useful, because taxes can be complicated and unique to your situation, it is recommended that you seek the advice or services of a professional before filling.  If you have more questions about taxes or respite care in Ann Arbor, give us a call today. At Hillside Terrace, our family shares life with yours. 

What You Need to Know About Downsizing to Move Into Assisted Living!

Letting go can be hard, especially because the older you are, the more memories you have to treasure. However, when someone moves into an assisted living community, you must downsize. You won’t have room for everything you used to have in your home. With less space comes less room to keep mementos.

How do you decide what to keep? What do you throw away? We’re here to help you figure it all out. Read more here!

Best Assisted Living in Ann Arbor: Schedule a Tour Today!

We can help your family create peace of mind. When you’re at home you’ll know your loved one is taken care of and in good hands. Discussing moving your parent into assisted living can be a scary thing for any adult to face. However, it’s the reality of so many in this country. 

For more information about assisted living in Ann Arbor and the other services we provide, visit us at HillsideTerrace.net, or contact us here! Hillside Terrace – “Where our family shares life with your family!” Schedule a tour today!

5 Hidden Costs of Family Caregiving

Are you finding it hard to make ends meet while caring for your loved one?

Caregiving can be a big expense. After all, assisted living communities can be quite expensive, so it must be cheaper to do it yourself, right?

Wrong!

Here are a few benefits you could be missing out on by being your family’s caregiver, according to A Place for Mom:

1. Lost wages- Caregivers frequently have to give up on their own career to take care of their loved one, missing out on an average $143,000 in lost wages.
2. Decreased employability- Caregivers find that it’s difficult to find a new job when their time as a caregiver ends.
3. Increased health care costs- Caregiving can take a toll on your physical and mental health.
4. Lost savings and retirement- Out-of-pocket expenses can really add up! The National Alliance for Caregiving and Evercare found that a stunning 47% of working caregivers reported having used up all or most of their savings.
5. Reduced productivity- Caregiving not only effects the caregiver, but the economy too. MetLife found that American businesses lose an estimated $34 billion each year due to employees’ need to care for aging loved ones.

Get Started Today: Schedule a Tour!

We can help your family create peace of mind. When you’re at home you’ll know your loved one is taken care of and in good hands. Hillside Terrace – “Where our family shares life with your family!” Come see the difference we can make when your family shares life with our family. Schedule a tour of Hillside Terrace today– a facility for hospice care in Ann Arbor.

For more information about hospice care offered at Hillside Terrace, visit us at HillsideTerrace.net, or contact us here!

Be Aware of These 5 Senior Scams!

Have you or a loved one fallen victim to a scam in the past?

Is your elderly parent gullible enough to believe anything they hear?

Do you have a hard time distinguishing between what is a real offer and what is a scam?

Seniors are often the target of scams. Cognitive problems can impair seniors’ judgment as they get older making them vulnerable to cons. Seniors may face scammers on a daily basis. Navigating scams can be a difficult challenge for the elder generation, since the internet is still new to them. It’s important to be aware of the scams that are out there and how to protect yourself in case you come across one!

According to A Place for Mom, some common tactics scammers use to trick seniors include:

1. The Grandparents Scam-Someone calling claiming to be your grandchild in need of money.

Your Way Out: Don’t fully commit to wiring them funds. Check the story by asking other family members first if this grandchild is in trouble and in need of financial assistance.

2. Investment schemes- Scammers like to offer ways to safeguard your money after retirement, but really they’re after your cold hard cash!

Your Way Out: Remember that if the offer sounds too good to be true, it probably is. Be suspicious of anyone who promises massive returns on an investment and be sure to only deal with reputable and credible institutions.

3. Email Scams- Many scams spread via email. Be sure to never open emails from a sender you don’t recognize.
 
Your Way Out: Never disclose private information online except to a trusted organization. If you have questions about whether an email you received is legitimate, call that organization directly.

4. Medicare ID Card Theft Scams- If a caller is claiming to be from a government agency to tell you your card needs to be replaced this is merely a trick to get your personal information.

Your Way Out: Never give personal information like your social security number or banking information over the phone, and be suspicious of calls from people who claim to represent official agencies and then request personal information.

5. Repair Fraud- Seniors fall victim to unnecessary repairs all of the time. If you notice that they’re being charged multiple times for something, then they could be developing dementia. 

Your Way Out: If you find yourself making poor purchasing decisions, talk to a younger family member about getting help, and possibly a financial power of attorney.

Elderly Care in Ann Arbor: Make Hillside Terrace Your Home Away From Home!

The transition from living at home independently to assisted living can be one of the most difficult decisions families and their loved ones have to make. When a family member can’t take care of themselves, it can put a heavy burden on those they love. Many people aren’t up to the task of the daily care their loved one may require.

We’re confident in our ability to provide the best quality of elderly care, the security, and the family atmosphere that you’re seeking! We warmly invite you to see the difference we can make when your family shares life with our family. Schedule a tour of Hillside Terrace today! (734) 761-4451