Can I Deduct my Long-Term Care Expenses?

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Long-term care can be very expensive. Can you deduct the costs on your income tax return? What is Long-Term Care? “Long-term care” refers to the ongoing personal assistance you need when you have a prolonged physical illness, disability or severe cognitive impairment (such as Alzheimer’s disease). It may involve help carrying out basic self-care tasks, […]

IRS Increases Deduction Amount for Qualified Long-term Care Insurance Contract Premiums but Medical Deduction Threshold for Seniors Increases

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The IRS has issued new maximum deduction amounts for long-term care insurance premiums for 2017. It is important for long-term care insurance policy holders to be aware that at least a portion of the premiums paid for qualified long-term care insurance policies may fall under the medical expense deduction. However, seniors must also understand that […]

New Law Authorizes PA ABLE Savings Accounts

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Act 17 of 2016 – The Pennsylvania Achieving a Better Life Experience Act (PA ABLE) – became law on April 18th. The new law authorizes the creation of special tax free savings accounts for individuals who became severely disabled before they reached age 26. In December 2014, the Federal government first authorized states to create […]

IRS Announces Estate and Gift Tax Exclusions for 2016

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The IRS has released the annual inflation adjustments and tax rate schedules that will apply in 2016. Included are the new gift and estate tax exclusion amounts for 2016. The new inflation adjusted numbers are available in Revenue Procedure 2015-53. They apply generally to transactions or events occurring in calendar year 2016 Estate and Gift […]

IRS Warns Consumers to Avoid Phone Scams

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In a Tax Tip issued October 21, the IRS continues to warn consumers to guard against scam phone calls from thieves intent on stealing their money or their identity. The agency offers information and tips to help you avoid being a victim of these scams: Scammers make unsolicited calls.  Thieves call taxpayers claiming to be […]

Common Pennsylvania Inheritance Tax Queries

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Pennsylvania is one of a handful of states that imposes an inheritance tax on property that passes to beneficiaries when a resident passes. Most people are not familiar with Pennsylvania inheritance tax, because unlike income tax that needs to be addressed every year, Pennsylvania inheritance tax only comes into play when someone dies. Below are […]

7 Tips for Understanding Gift Taxes

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People are often confused about the laws that apply when they make a gift. Some are surprised to learn that gifts are regulated at all. Unfortunately there are rules – both in terms of taxes and Medicaid qualification. And the laws are complicated. Adding to the confusion – the tax rules related to gifts are […]