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Senior Citizens

Will your Social Security benefits be taxable?

Leave a Comment / Federal Income Tax, Social Security, Social Security Tax /

Last year, the new tax deduction for taxpayers 65 and older was sometimes referred to as “no tax on Social Security.” In actuality, this up-to-$6,000-per-individual deduction, also known as the “senior” deduction, is generally available whether or not someone receives Social Security benefits. (But other limits do apply, such as an income-based phaseout.) Of course, […]

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Seniors: Can you deduct Medicare premiums?

AGI (Adjustable Gross Income), Deductable Expenses, Deductions, Health Care, Health Care Insurance, Income Tax, Insurance, Medical Deductions, Medicare Premium Tax Deduction, Medicare Taxes, S Corporation, Self Employed /

If you’re age 65 and older, and you have basic Medicare insurance, you may need to pay additional premiums to get the level of coverage you want. The premiums can be costly, especially if you’re married and both you and your spouse are paying them. But there may be a silver lining: You may qualify

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