With the 2014 tax season ending soon, here is some helpful information for the older generation on if they need to file a tax return, and important tax tips they should keep in mind.
The last day to file your 2013 tax return is on Tuesday, April 15, 2014, unless you apply for an extension. As mentioned previously, many seniors and retired individuals may not need to take any action during this tax season; however, that may not be the case for all. If you’re still not sure whether you need to file a return, or if you need to file a return and just haven’t started, you may want to get the information you need now to help you avoid owing money to the government or missing out on any returns you are due.
Each tax season, senior taxpayers must decide whether itemizing their deductions makes sense. For some, the standard deduction for seniors may actually lead to a lower tax bill.
Tax deductions help reduce a person’s overall tax liability and income subject to taxation, for a variety of expenses, particularly in the case of costs incurred to produce income. For seniors and other retired individuals who are on a limited Social Security and retirement saving income, deciding whether they should itemize or accept the standard tax deduction may be of the upmost importance. Read this post to understand the top tax deductions for seniors, including the standard deduction, which can help older individuals avoid paying more taxes than they owe.
Older and disabled individuals may be eligible for the Credit for the Elderly or the Disabled, which can help reduce the taxes they owe.
The 2014 tax season is happening now. As mentioned in the last tax help post, some individuals collecting Social Security benefits may still need to pay taxes. If you are among the ones that need to fill out a 2013 tax return, you may be checking for tax credits for which you qualify. Luckily, if you are older or retired with certain disabilities, you may be able to qualify for a specific tax credit: the Credit for the Elderly or the Disabled.
Footloose is 30, Kevin Bacon is 55 (and a baby boomer), and I’m officially getting old.
For my generation, Footloose was one of those movies we all saw in the theater and on cable reruns at least a dozen times.
Last week, Jimmy Fallon teamed up with Bacon to produce this tribute to the classic coming-of-age film on The Tonight Show. Fans of the movie went nuts and the video went viral throughout social media. If you haven’t seen it, you must.
34 years ago, Cosmos was a landmark television event that continues to inspire. Now, a sequel looks to expand that legacy for a new generation.
Cosmos: A Personal Voyage was appointment television when it aired over the course of 13 weeks in 1980. For a decade, it remained the most widely watched television series on public television. Since then, it has gone on to become a staple with audiences and classrooms the world over, being viewed by 400 million people in 60 countries.
Seniors and retired individuals who are collecting Social Security retirement benefits should not automatically assume that they do not have to file a tax return.
The 2014 tax season opened on January 31, 2014 and will last until Tuesday April 15, 2014. For many older individuals, no action may be needed. However, it’s important to double check whether you need to file taxes, so that you don’t owe any money to the government or miss out on potential refunds.
On Monday, the Centers for Medicare and Medicaid Services (CMS) withdrew changes it had proposed for Medicare Part D. The cuts to Medicare were met wide opposition on grounds that they would harm health benefits for the elderly and disabled.
Medicare Part D is the popular prescription drug benefit that is provided to 36 million elderly and disabled enrollees through private insurance companies.
Late last week, over 370 groups representing doctors, patients, pharmacies, insurers, and drug companies urged CMS to withdraw changes it had proposed for Medicare Part D.
The famous celebrity baby boomers turning 65 and celebrating their birthday this March come from different and diverse backgrounds.
Several celebrities are celebrating their 65th birthday in March of 2014. March has all kinds of celebrity birthdays, including a Star Trek actress, a dancer and singer, a rockstar, and an actor. Backgrounds aside, they all have one thing in common: after this month, they’ll be eligible for the Medicare program. This means that they may be automatically enrolled in Medicare Part A hospital and Part B medical benefits, if they are already collecting retirement benefits.
The Fiscal Year (FY) 2015 Budget plans to cut the federal deficit by reducing payments to Medicare, increasing income-related premiums, and supporting other cost-saving measures.
On Tuesday, March 4, 2014, the Health and Human Services (HHS) released their budget proposal for the 2015 fiscal year. The new budget proposed by President Barack Obama’s administration calls for more than $1 trillion in spending, a new milestone according to budget officials.
HHS oversees Medicare and Medicaid, as well as the expanded coverage for younger individuals through Affordable Care Act (ACA), also known as Obamacare. This budget proposal fully funds the ACA implementation and adds $14.6 billion over the next 10 years to ensure health provider access to rural and other underserved communities. However, this budget also includes billion dollar cuts to the Medicare program and other changes that will greatly affect seniors and other beneficiaries.
Ongoing for centuries, the Winter Olympics has an exciting history with many memorable moments.
Last weekend marked the close of the 2014 Winter Olympics in Sochi. The Olympics have always been guaranteed to deliver surprises, controversies, and lots of media coverage – and Sochi was no exception. From safety concerns to Bob Costas’s eye infection and history-making medal wins, this year’s games gave us a lot to watch.
As we move past the games and look forward to the next round in 2016 (the Summer Olympics in Rio), we’re taking a look back at our favorite moments of Winter Games past. Here are our four favorite historical Olympic happenings: