BATON ROUGE, La. (WAFB) – Tax day is next Monday, April 18, which means you have one week left to file your taxes.
If you’ve already filed your own taxes you’re in good shape but some people may be responsible for filing on behalf of elderly or aging parents.
Chris Orestis is the President of Retirement Genius whether its social security checks, investments, Medicare premiums or other tax related issues, Orestis said older Americans need to know what’s a tax trap and what’s a tax opportunity.
“The first thing you want to make sure of is you need to understand that as you age, as you retire, the impact on your taxes change,” he said. “Things become different. From how you pay taxes when you were working and collecting a paycheck to where you are once you cross the age of 62 and now you’re Social Security eligible. 65, now you’re retired and Medicare eligible so it’s important to understand that there are some changes. There are some differences. And with that, there are some opportunities. There are ways to be able to save money on your taxes but there are also tax traps if you don’t get things right.”
If you are retired and filing your own taxes there are some opportunities you want to know about while filing. For instance, let’s say you’re spending money on long-term care costs. Orestis explained that any unreimbursed expenses on long term care can be tax deductible so you want to keep those records and receipts. When you go to file your taxes you…
