Elderly Feed

Welcome to Part 2 of the ol' blog's 2019 series on tax inflation adjustments. We started on Nov. 15 with a look at next year's income tax brackets and rates. Today we look at standard and itemized deductions, personal exemptions and limitations on these tax situations that apply to some taxpayers. Note: The 2019 figures apply to 2019 returns to be filed in 2020. For comparison purposes, you'll also find 2018 amounts to be used in filing 2018 returns due April 15, 2019. Internal Revenue Service data show that year after year, around 70 percent of filers claim the standard... Read more →


Like helping people? You can extend your volunteer penchant beyond the holidays and into the coming tax season by becoming a volunteer with an Internal Revenue Service-approved free tax help site. Don't worry. You'll get, like the folks pictured here, the tax training needed to help others fulfill their tax tasks. (Screenshot from IRS video) The holidays are here. Yeah, I'm not ready either, but … In this season of giving, many folks donate to charities. This year, much of the focus in on helping nonprofits that assist folks who've suffered through natural disasters, notably the deadly wildfires still burning... Read more →


My octogenarian mother does an amazing job of taking care of herself and her little dog, aka my furry younger brother. My mother and her pup come to our place, like the Thanksgiving visit pictured here, but usually it's me taking time from work to head her way. (Photo by Kay Bell) But since she no longer drives and hates to impose on friends and neighbors, I make regular trips to her place to help her run errands, take her to doctor appointments and just visit. It's not too much of a hassle because she lives relatively close and it's... Read more →


Classes, from Kindergarten to high school to college, are or about to be in session across much of the United States. That means parents can breathe a sigh of relief now that schools and teachers will once again add structure to their children's lives. But the beginning of the school year also prompts a new parental concern: their youngsters' privacy. No age limit for ID theft: Identity thieves don't set age limits on the people whose lives they try to steal. When a young person's identity is stolen, it sometimes takes longer to discover since most kids aren't involved in... Read more →


Summer is winding down, but someone needs to tell the thermometers. Across much of country, it feels like the mercury is about to burst and everyone is doing everything they can to stay cool. Sorry, I can't help you beat the heat. But I do have eight tax moves you can make in this eighth month of 2018 — which, with all those 8s, makes that this week's By the Numbers figure — that might be able to help lower the heat you're feeling when it comes to taxes. 1. Adjust your withholding. I know. I nag remind y'all of... Read more →


The hubby and I, like every other person, are getting older every day. That means we're getting closer to claiming Social Security and Medicare benefits. Two recent reports on the status of those federal programs make me glad to be closer to our collection dates. Both Social Security and Medicare, according to the programs' trustees, will run out of money to pay beneficiaries in 16 years and 8 years, respectively. At least the grayer-every-day hubby and I will get some of the full payouts. Sorry about all you youngsters! OK, I'm really not that selfish. But we are a bit... Read more →


A tropical system off of Mexico's Yucatan peninsula is expected to move north over the Memorial Day weekend. (The Weather Channel screenshot) The 2018 tropical storm season has arrived a bit early. Officially, the Atlantic (and Gulf of Mexico) hurricane season doesn't start each year until June 1. But the weather gods operate on their own schedules, so we often get early forming storms. That's the current situation. A tropical system has developed off the eastern coast of Yucatan, Mexico, and is expected to move north, ruining the Memorial Day weekend for thousands of Gulf Coast residents and vacationers. Depending... Read more →


Kids all across the country, including those in my neighborhood, spent Saturday hunting for brightly colored eggs. Or, if they're in the Washington, D.C. area, perhaps they're getting ready to participate in tomorrow's (Monday, April 2) 140th annual White House Easter Egg Roll, like the youngsters in the photo above did last year. Their parents, however, are more likely this weekend to be hunting for tax breaks as the April 17 filing deadline nears. Every tax season, lots of taxpayers overlook some deductions, credits or other tax moves that can reduce their eventual Internal Revenue Service bill. Here are some... Read more →


If you celebrated your 70½ birthday last year, you could be facing a retirement plan withdrawal deadline in a few days. (Photo by Kay Bell) Tax-favored retirement plans are a big part of millions of Americans' nest eggs. Many individuals still contribute untaxed dollars to traditional IRAs. They opt for this original IRA option because their contributions also allow them to take an immediate deduction on their tax returns. Others put money into workplace defined contribution plans. These automatic contributions are made before taxes are taken out of their paychecks. This lowers the amount of money subject to payroll withholding.... Read more →


Grandparents who are raising their grandchildren might benefit by claiming the Earned Income Tax Credit (EITC). The IRS has additional information for these taxpayers and other special groups and situations where the EITC could help. Friday, Jan. 26, was EITC Awareness Day, the 12th annual event during with the Internal Revenue Service makes a special effort to get the word out about this tax break that millions of filers ignore each year. Actually, the tax agency made special efforts, plural, yesterday. There were more than 250 total outreach events and activities around the country to promote the Earned Income Tax... Read more →


Free tax-preparation and filing help, like that shown here at a Rutherford Country, Tennessee, VITA office, is available at thousands of sites across the country. You need help with your taxes but you can't afford a professional. A couple of community-based, Internal Revenue Service endorsed and, best of all, free tax filing help options may just be the answer. If you earn around $54,000 or less, have a disability, are elderly or speak limited English, you may qualify for free tax help from IRS-certified volunteers at Volunteer Income Tax Assistance (VITA) and Tax Counseling for the Elderly (TCE) locations nationwide.... Read more →


Photo by Katina Rogers via Flickr CC Most of us will spend time with family this Thanksgiving. If the gathering includes an aging parent (or two), it's a good time to gauge how they're doing. Now I'm not advocating a full diagnostic discussion. That's not only a bit intrusive, but such conversations probably will start fights if your family is anything like mine. My 80-something mom simply refuses to acknowledge that she's 80-something and that entering her eighth decade presents some limitations. And by refuses to acknowledge, I mean she dives head-first into vehement and lengthy denials. This is not... Read more →


Life is a carousel, at least for a while, for this youngster and her grandmother. Once play time is over, financially secure grandparents have some tax-favored ways they can help ftheir grandchildren. (Photo by Rob Bixby via Flickr Creative Commons) Happy Grandparents Day! If your pop-pop and mam-maw (insert your own personal and/or regional affectionate nicknames here) are still around, take some time to tell them how much you love and appreciate them. Most of the time, younger — and that's definitely a relative term — folk think of grandparents as ancient. In many cases, elderly grandparents (and parents) do... Read more →


The annual tax filing due date is the big day each April. Instead of falling on the usual April 15, the deadline for getting your taxes to the Internal Revenue Service this year is April 18. But some older taxpayers, specifically that first big batch of Baby Boomers who turned 70½ last year, are facing a key April 1 tax deadline. April Fools' Day is the deadline to take your first required minimum distribution, or RMD, from certain tax-deferred retirement accounts if you didn't do so by the end of last year. No kidding. If you miss the April deadline,... Read more →


Time is rapidly running out to make year-end tax moves, but if you're a septuagenarian, here's one that you definitely cannot afford to overlook. If you're 70½ or older, congrats and happy, happy on all those full and half birthdays! Remember, though, that now you must take out at least an IRS-specified amount from your tax-deferred retirement account(s) by the end of the year. Miss the deadline and you'll owe a major tax penalty. (Birthday party photo courtesy Today's Senior Network) Half birthday tax trigger: If you're 70½ and have a traditional IRA (or more than one of these accounts)... Read more →


NOTE: This post was updated Nov. 22, 2017. Millions of us will be seeing our parents during Thanksgiving. For many, it's the first they've seen of mom and dad in months. Thanksgiving traditionally is a multi-generational celebration. But adult children might need to pay special attention to their aging parents over the holiday to gauge whether mom and dad now need some extra help. (Photo courtesy NealeA via Flickr Creative Commons) If you're heading to your parents' place this holiday and they're getting up there in years, it's a good time to make sure they're doing OK when you're not... Read more →


New York City handed out more than $59 million in residential tax breaks to thousands of deceased individuals and corporations between fiscal years 2011 and 2017. The improper tax benefits were supposed to go as property tax exemptions for senior citizens, according to an audit by the New York City comptroller's office. Around $36 million in tax revenue was lost when the city granted more than 3,000 Senior Citizen Homeowners' Exemptions (SCHE) to older property owners who had died, according to NYC Comptroller Scott Stringer. The same properties, Stringer said during a July 7 press conference announcing the audit findings,... Read more →


The United States of America tomorrow will celebrate 240 years since independence was declared. Here's wishing all my fellow Americans a safe and fun July 4, especially since our break from Britain was based in large part on the battle cry that "Taxation without representation is tyranny." But another important date arrived just a few days earlier. On July 1, the first of the Baby Boomers turned 70½. Judging by this cake's flames, this guy looks to be a bit older than 70½. That half birthday date is crucial because it means owners of tax-deferred retirement accounts like traditional IRAs... Read more →


The hubby and I have no children. We often, however, seem to find ourselves at places and events chock full of families. For the most part, that's OK. Although we're child-free, we get a kick out of kids in small doses. They often provide some chuckles. Or as in the case of the poor baby pictured below, literal out loud laughs. Sorry, kiddo, but peas are good for you. Really! Plus, it always helps to know that when we get in our car and head home, it's just the two of us! Families still rule: We're in the minority. Most... Read more →


How are those Thanksgiving leftovers holding up? While you might be sick of the excess turkey, dressing and countless side dishes, too many people face the opposite problem. They don't have enough to eat every day. Food pantries and soup kitchens get a lot of attention during the holidays, and that's good. But they welcome help throughout the year. And some are getting it from nontraditional sources. Many hunters and the organizations that support them have charitable offshoots through which game meat is donated to help feed the hungry. A volunteer serves game meat at soup kitchen. Click image to... Read more →