It's that time of year again and many baby boomers will be trying their hardest to get in their taxes before the deadline. This can also make one think about savings, especially if some finances are going toward an older adult.
One way that families can save money on professional caregivers and hospital stays is by installing an elderly alert system. This device allows users to instantly send a medical alert if there is an emergency, which can allow seniors to live on their own.
Many individuals may also be having trouble keeping track of all the moving pieces when they are filling out the forms, but AARP.org recently suggested a few tips:
1. Account for Charitable Giving. One should make sure to keep track of all the donations that have been made to various charities and organizations so they can be written off.
2. Social Security Gets Taxed, Too. If individuals are still earning another income, some benefits can get taxed. These include monthly retirement, survivor and disability income.
3. Look through Retirement and Pension Taxes. The rate that states tax different benefits can vary greatly, especially for government workers. It's important for taxpayers to research what they qualify for.