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

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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3 min

What is the extra standard deduction for seniors over 65 in 2025?

For tax year 2025, eligible seniors can receive a substantial tax benefit, including a new $6,000 "bonus" deduction. Understanding what is the extra standard deduction for seniors over 65 in 2025 is crucial for maximizing your tax savings and financial planning.

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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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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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3 min

Are Seniors Getting a Bonus? Separating Fact from Fiction on New Benefits

According to the Social Security Administration, over 72.5 million Americans received a 2.5% cost-of-living adjustment (COLA) for 2025. However, this adjustment is not a bonus, and as financial news circulates, many wonder, “Are seniors getting a bonus?” The short answer is no, but a new temporary tax deduction is available for eligible older adults, making understanding the details crucial for your financial planning.

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