Posted on

Income Tax Filing Assistance for Seniors

You may have heard of VITA or Volunteer Income Tax Assistance coalition which offers seniors and others tax preparation assistance. Volunteers offer free basic online tax preparation help to qualified individuals. There is also a program called TCE or Tax Counseling for the Elderly.

VITA and TCE sites are generally located at community and neighborhood centers, libraries, schools, shopping malls and other convenient locations across the country. To locate the nearest VITA or TCE site near you, use the VITA Locator Tool or call 800-906-9887.

VITA/TCE Locator Tool

Posted on

What reading can do for your health.

What a healthier brain? Pick up a book or newspaper. Reading is good for you in ways you don’t even realize, and it may help extend your life.

A recent article on SeniorHousingNet.com says, “Frontiers in Psychology indicates that those who engage in regular reading have an advantage over those who read casually or don’t read books at all when it comes to cognitive awareness. Additional research has also shown that reading books regularly can actually reduce stress, help improve sleep and even increase life expectancy.“

The article says reading benefits include:

  • Improved memory
  • Maintain/improve cognitive function
  • Increased empathy
  • Improved sleep
  • Reduce stress/anxiety
  • Delay dementia

Check out your local library or download books with an e-reader. SeniorHousingNet has terrific suggestions and more details on the documented benefits reading provides all of us. Click here to read the article in its entirety.

Posted on

Making Long-Term Care Insurance More Affordable

The Long-Term Care Affordability Act, introduced in the House of Representatives, would reform the tax code to make long-term care insurance more affordable and accessible and help older adults better prepare for long-term care costs.

  • It would let people withdraw funds from their 401(k), 403(b), and individual retirement accounts to pay for long-term care insurance.
  • Up to $2,500 of a withdrawal used to pay for long-term care insurance would be excluded from income tax annually.
  • Withdrawals also wouldn’t be subject to the 10% early withdrawal penalty tax.

>>Click here to read more.