By Fredrick P. Niemann, Esq. a Freehold Township, Monmouth County New Jersey Elder Care Attorney
Planning for individuals who need elder care is generally not particularly tax driven. However, there are some special tax benefits (and liabilities) that should not be overlooked. While income and self employment taxes are not dependent upon age, persons over 65 and those who are blind are entitled to an increase in their standard deduction in filing their income tax returns. Widows and widowers may use joint income tax returns for two years following the death of the spouse.
Taxpayers who are supporting dependent family members may be entitled to additional dependency exemptions on their income tax returns. These include parents and grandparents, among others. There is a dependent care credit available for certain employment related expenses.
Taxpayers (of any age) who sell their personal residences are entitled to an exclusion once every two years for up to $250,000 ($500,000 if married filing jointly) of the gain realized on the sale.
Contact me personally today to discuss your New Jersey Elder care matter. I am easy to talk to, very approachable and can offer you practical, legal ways to handle your concerns. You can reach me toll free at (855) 376-5291 or e-mail me at firstname.lastname@example.org.