Death Taxes for Pennsylvania Residents

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Should you be worried about death taxes? Many Pennsylvania seniors share similar financial and estate planning goals. We want to be sure that we have enough resources to provide for our needs during our lifetime. And we want to pass a little something – as much as possible really – on to our families after […]

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 […]