Category Archives: Tips amp; Advice

Finance Tips For Senior Citizens: What Deductible Tax Expenses For Seniors You Can Claim

Finance Tips For Senior Citizens: What Deductible Tax Expenses For Seniors You Can Claim

Deductible Tax Expenses for Seniors

Before we know it, April 15th will be knocking on the door and that
wonderful time of year upon us again……yuck…..TAX TIME! 

Is there any more dreaded time of year? 
Doesn’t it just send you into a frenzy knowing that you’ll have to
sit down and try and outsmart Uncle Sam yet again? 

It gripes me to try and eke out a few
measly dollars that we can hope to get back in the form of a return or that we can avoid paying. 

As we approach the senior years of our life, it irks me even more!

Let’s look at some tax tips that might help you in the coming year to get
the most bang for your buck when it comes to tax time.  After all, we aren’t working for our health
now are we?

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Best Tax Deductions for Seniors

Some of the best tax deductions that are out there for seniors:

Home and hearth.  If you sell your
house because you don’t want such a large home anymore or you want to move to a
retirement community let’s say, you don’t have to worry that you’re going to be
clobbered for selling your home and have to pay capital gains taxes on your profit.  If you have lived in your home for at least 2
out of 5 years before you sell your home, up to $250,000 for single taxpayers
and up to $500,000 for married taxpayers who file jointly cannot be touched by
taxes!  Yippee!!
Doctor, doctor.  Medical expenses can
be the straw that broke the proverbial camel’s back when it comes to senior
income.  Without health insurance, you
can find yourself in debt over your head. 
There is hope, however, if you incur a lot of expenses during a
particular calendar year.  Just be sure
and always keep track and itemize everything you spend money on like:
Health insurance payments (including Medicare)
Any policies for long-term care
Cancer insurance
Prescription drugs
Dental care paid out of pocket
Home health care or nursing
home care
Traveling to and from medical appointments, lodging and meals for
Durable medical equipment. 
have to file under Schedule A to claim medical deductions and they have to
exceed 7.5% of your adjusted gross income but all these things are deductible. 
It pays to invest.  Fees that you
generate for any investment advice or accounting services are deductible along
with other personal itemized deductions if the sum total is more than 2% of
your adjusted gross income.  Interest,
dividends and capital gains from investments are taxed at 15% but are not
subject to Medicare or Social Security taxation. 
You can deduct online services for investment
purposes like:
Attorney fees
Safety deposit box fees
Investment magazine or
newsletter subscriptions
Accounting fees
Home computers (if used for investment
Financial planning fees
Fees paid to lending institutions
for collection of your investment monies or dividends
Standard deductions.  Some seniors do
not itemize on their tax return and in that case, people over 65 get a higher
standard deduction.  The joys of being
older!  If you’re a single senior citizen, you’ll get $1450 and $1150 you file jointly.
Paying yourself.  Contributing to
retirement programs such as IRAs, 401(k)s and Roth IRAs can get you a hefty
deduction.  Just check on the amounts
that you can legally pay in and deduct dependent upon age because it changes from year to year. 
In terms of contributing to a Roth IRA, you
pay taxes when it goes in but you don’t when you withdraw it.  If you are self-employed and have a business,
you can set up SEP-IRAs, Keoghs, 401(k) solo plans or simple IRAs.  If you’re retired, you can contribute higher
amounts after age 55. 
Be charitable.  You may itemize
charitable contributions and you can give up to 50% of your adjusted gross
income as a write-off.  (If you decide to
do this, please contact me….okay not really).  Property is
handled on a slightly different basis and has to do with the claimed value,
gross proceeds, etc.   You can deduct
the fair market value of whatever is donated. 
It’s none of your business.  Actually
it is.  If you have your own business,
which many senior citizens do, or even if you’re starting a business, many
expenses are claimable.  Keep track of
everything you buy or rent such as computers or machines.  Travel expenses and other expenses that are
part and parcel of doing business can be itemized and deducted. 
Depending on how your business is structured,
there are many different tax benefits such as utility bills, part of your
mortgage that would be deductible, etc. 
Check with the IRS or your accountant for more information.
Going green.  If you had major expenses over the tax year such as replacing a roof, a water heater, or even upgrading your air conditioner, check out whether the appliances or the upgrades were energy-efficient.  You can be eligible for tax credits or tax deductions.
What’s the difference between a tax credit and a tax deduction?  A lot! Actually tax credits are more beneficial as they give you a dollar per dollar amount right off your taxes whereas a deduction can give you only a portion off your taxes.  So a $100 tax credit is much better than a $100 outlay that only yields you a $10 deduction!  Especially in the coming years as we try to become a greener globally, there will be more and more tax benefits for upgrading to energy efficient roofs, water systems, heating systems and air conditioners. 
There are also many tax credits available for things as tiny as changing out your light bulbs to replacing windows to installing a windmill on your property (which you can then sell the energy back to the government to use and make money). 
Check out sources like, and for more information or call your local power company and find out what’s available in your area for tax credits. 

Deductible Tax Expenses for Seniors

These are just some of the deductions available for senior citizens.

When it
comes to paying the piper at tax time, we all want to maximize our deductions and minimize our liability.

Attending tax seminars for the elderly or contacting AARP can be of
tremendous help in giving you pointers on how to optimize your monies and pay
less tax.

Check out AARP’s free tax advice on line or give them a call.  They can’t tell you perhaps what investments will yield you the most consistent income, but they can tell you ways to save money and reduce your tax liability.

If you have more ideas to contribute to this hub, please feel free to enrich the hub by leaving your suggestions!

7 Easy Tips On How To Save Money On Taxes

7 Easy Tips On How To Save Money On Taxes


Everyone loves paying taxes…….yeah, right!

Paying taxes though, like death, is inevitable.

However, with a little bit of help and some
great timely tips, you can save some money on your taxes rather than throwing
it back to the government.

Don’t they
have enough of our money already?

Let’s examine some great little smart tips for saving on your taxes!

Ways to Decrease Your Tax Liability

Moving on up. Well, maybe not up but
anywhere. If you have to relocate for a
job, keep track of your expenses (via receipts). Your moving expenses will be deductible
The graduate. If you have student
loans and you’re still paying on them, the interest that you pay is
deductible. In this case, you do not
have to itemize.
Eco-friendly or green deductions. Tax credits and tax deductions are available if you reduce your home’s energy use. Yeah environment! For more information on this go to and check out the Energy Policy Act.

Say ah. If you have medical
expenses, you can itemize them all. You
can deduct charges for prescriptions, durable medical equipment, office
and surgeries. You can even deduct the gas, food and lodging expenses
if any for going to and from your medical appointments along with other
miscellaneous expenses. Go to the IRS website at and get more information.
Charity starts at home.
Keep track
of anything you donate (again with receipts) from food to food drives at
Christmas time and other times of the year, to any expenses you incur
such as
driving to do charity work or volunteering. You can even deduct monies
you’ve spent on materials, such as fabric for cancer quilts or food for
charity events. Don’t forget anything involving charity
events that have a “suggested donation” attached but no real price are
also deductible. You get the fair market value for anything you donate
such as appliances, clothing, etc. Many things are deductible
but always back up all donations with receipts.
Spending money to make money. Anything that costs you money to manage your
money (if it is more than 2% of your annual gross income) is deductible. We’re talking about safety deposit boxes,
fees to prepare your taxes, subscriptions to magazines on how to invest, tax
preparation programs and calls to your accountant or broker.
Pay it forward. If you get into the
habit of paying your January mortgage in December, your interest for that
January payment is deductible in the current year.

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7 Easy Tips on How to Save on Your Taxes

These are just a few tips on how to save on your taxes.

Check out the websites above for more ideas.

Don’t forget about the green tax credits and deductions that are available for business owners and private citizens as well such as deductions for putting on an environmentally-friendly roof or putting in solar panels.

There are many different tax credits and tax deductions that you can get for purchasing energy smart appliances or even changing out your light bulbs.

Call your local power company to find out about more tax deduction and tax credit opportunities specific to your area.

Tax credits are more lucrative than tax deductions but no matter how you save on your taxes, it’s money Uncle Sam doesn’t get!

No matter how you do it, saving money on taxes is always a bonus you give yourself.

If you have more tips on how to save money on your taxes and reduce your tax liability, please share them with us in the comment section below!

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