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The consequences of not paying your property taxes

The consequences of not paying your property taxes

When Geraldine Tyler, age 94, relocated to a senior community, she stopped paying property taxes on her home. After the property was foreclosed on, the county where Tyler’s home was located sold the property for $40,000 to recover about $15,000 in unpaid property...
Deducting long-term care insurance premiums in 2023

Deducting long-term care insurance premiums in 2023

Are you a taxpayer who has purchased long-term care insurance (LTCI)? Take note of your policy details and your premium amount, as you may be able to deduct the cost – or at least part of it – from your 2023 income. If your total eligible medical expenses (including...
Things to remember as Tax Day approaches

Things to remember as Tax Day approaches

Tax Day, which is Monday, April 18 in 2022, is approaching and it is time to begin crossing T’s and dotting I’s in preparation for paying taxes. As tax time draws near, you want to make sure you file all the proper forms and take all deductions...
IRS: Face masks, related purchases are medical expenses

IRS: Face masks, related purchases are medical expenses

The IRS has announced that the tax deduction for medical expenses includes amounts spent on face masks, sanitizer and other products purchased to prevent the spread of the coronavirus. If you have significant medical expenses, you may be able to deduct them from your...
$1.9 Trillion COVID-19 Relief Bill Aids Seniors

$1.9 Trillion COVID-19 Relief Bill Aids Seniors

President Biden has signed the latest COVID-19 relief bill, which in addition to authorizing stimulus checks, funding vaccine distribution, and extending unemployment benefits, also provides assistance to seniors in a number of other ways. The $1.9 trillion American...