Articles

Get the right paperwork to claim charitable deductions

What supporting documentation do you need to claim charitable deductions on your federal income tax return? In general, you can support monetary contributions of any amount with a cancelled check, credit card statement, proof of payroll deduction, or a receipt from the charity. The paperwork must show the organization’s name and the amount and date of your contribution. When you contribute cash of $250 or more, get a written acknowledgement from the charity. The receipt must

Make time for a conversation with your parents about finances

Discussing finances with your parents may be a talk none of you are eager to tackle. But addressing the topic can benefit your entire family by clarifying your parents’ wishes and enabling you to help establish a joint plan for carrying those wishes to fruition. Here are questions that can start the dialogue.

Be aware of inflation-adjusted 2016 tax numbers

Certain tax numbers are adjusted for inflation each year. This year, many of the numbers are unchanged or change only slightly from 2015 amounts. Here are some of the tax numbers to use in your 2016 tax planning.

Note upcoming tax deadlines

February 29 – Payers must file information returns, such as Forms 1099, with the IRS. This deadline is extended to March 31 when the forms are filed electronically. February 29 – Employers must send W-2 copies to the Social Security Administration. This deadline is extended to March 31 for electronic filing. March 1 – Farmers and fishermen who did not make 2015 estimated tax payments must file 2015 tax returns and pay taxes in full to

Your IRA can affect your Medicaid eligibility

When you’re planning for Medicaid coverage of nursing home care, it’s important to take any IRAs you own into account. Medicaid applicants can retain only a small amount of assets ($2,000 in most states) in order to be eligible for benefits. Certain assets may be exempt from this rule. Whether your IRA is exempt often depends on whether it is in “payout status.” You can put your IRA into payout status starting at age 59½ if you

Medicaid helps children who live with aging parents

In most states, if you give your house to your children (or to someone else) and then apply for Medicaid coverage of nursing home care, you can be disqualified for a long period of time. That’s because you’re supposed to spend down your assets on your own care before applying for Medicaid, not give them away. But there is an important exception that allows you to give your home to your children in certain circumstances.

New law warns seniors of Medicare nursing home loophole

A new federal law will help many seniors with a costly Medicare loophole that often results in their not being covered for a stay in a nursing home. It won’t make the stay covered, but it will at least put seniors on notice if a stay isn’t covered, so they can plan accordingly and won’t be hit with a nasty surprise. Here’s the problem: Medicare covers nursing home stays for the first 20 days, so long

Make sure your loved ones can get your medical info

If you’re in the hospital, you probably want certain family members and trusted friends to be able to get information about your condition or prognosis. But to make sure this happens, you may need to plan ahead. A federal law called HIPAA (the Health Insurance Portability and Accountability Act) is designed to protect your health care privacy, and says that medical personnel can’t disclose your health care information to unauthorized people. Only a small number of people

What to do if you have an Obamacare plan and become eligible for Medicare

If you or someone you know has a marketplace health care plan under the Affordable Care Act (an “Obamacare” plan), and you’ve reached the age of 65 or are close to it, it’s important to look carefully at your options. Not making the right decision could be costly. In the vast majority of cases, the smart approach is to terminate the Obamacare plan and sign up for Medicare. But many people are unaware of this fact,

Be aware of these tax deadlines

A new year means tax return filing season has arrived once again. Among the tax deadlines you may be required to meet in the next few months are the following:

Florida

Massachusetts

New Hampshire

Beliveau Law Group