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Articles related to focusing on healthy aging, prevention, mobility, cognition, nutrition, independence, and caregiving support.

4 min

Do elderly qualify for earned income credit? Understanding the Age Limits

For most of the program's history, the federal Earned Income Tax Credit (EITC) has included strict age limits that have largely prevented low-income seniors without qualifying children from receiving the benefit. The simple answer to "Do elderly qualify for earned income credit?" is that most do not, unless they meet specific criteria, primarily having a qualifying child. However, there was a temporary expansion in 2021 that made the credit available to a wider age range of workers, including many seniors, but this change has since expired.

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5 min

Are assisted living care expenses tax-deductible?

According to the IRS, certain long-term care expenses may qualify as medical deductions, offering significant tax relief. Understanding the specific rules is crucial for families seeking to offset the high costs of senior housing. Let's explore the conditions under which assisted living care expenses can be tax-deductible.

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4 min

Are lifetime care advance payments tax-deductible? A guide for seniors and families

According to tax experts, a portion of certain lifetime care payments can be tax-deductible as a medical expense. Navigating the rules around whether **are lifetime care advance payments tax-deductible?** requires understanding the specific nature of your contract and applicable IRS guidelines to ensure you maximize your benefits.

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3 min

Can You Write Off Assisted Living Care on Taxes? A Guide to the Rules

According to a Genworth Cost of Care Survey, the average annual cost of assisted living can exceed $60,000, presenting a significant financial challenge. The good news is that under specific conditions, you can write off assisted living care on taxes as a medical expense, potentially providing substantial relief.

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4 min

How do seniors qualify for a bonus? Understanding the 2025 Tax Deduction

Effective for tax years 2025 through 2028, a new temporary tax provision allows individuals aged 65 and older to claim an additional deduction. This is the bonus many seniors are hearing about, but understanding how seniors qualify for a bonus involves navigating specific age and income thresholds, as outlined by the IRS.

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4 min

What is the deduction for seniors in 2025?

Effective for 2025, a new law known as the "One Big Beautiful Bill Act" provides a significant tax benefit for seniors. This major change introduces a substantial new deduction, prompting many to ask, "What is the deduction for seniors in 2025?" and how it impacts their financial well-being.

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5 min

What are the tax advantages of living in a CCRC?

According to research, a significant portion of CCRC fees is often considered a prepaid medical expense by the IRS. This guide explores what are the tax advantages of living in a CCRC, detailing how residents can potentially receive substantial tax deductions on their federal tax returns.

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4 min

What is the $4,000 senior bonus tax deduction?

According to the Congressional Research Service, while senior poverty has decreased over the last 50 years, millions still face financial hardship, making tax relief proposals like the one containing the "$4,000 senior bonus" of keen interest. This article provides a definitive breakdown of this specific tax proposal.

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