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Despite what some may tell you, it’s nifty being 50. Your kids are [most likely] grown, you’re well-settled in your career – and possibly in your peak earning years, and you may finally get your first AARP card. (It’ll come in handy, we promise!) As you enter your 50s, many of your larger expenses – like your mortgage or Ryan’s braces – may be behind you, and you can hopefully start putting more toward retirement. Still, as always, a new decade means new expenses and new tax concerns. This week as we continue our “taxes through the ages” series, we’ve got a few tax tips for you, 50-somethings!
Deductions for Mom and Dad
As you enter your 50s and perhaps become an “empty nester,” you may also find yourself caring for one or both of your parents, or perhaps your spouse. In this situation, there are a number of tax benefits available to you if the person in question is a spouse or qualifying dependent.
Energy-Efficient Home Improvements
Have you recently completed a remodel? If you’ve made energy-efficient improvements to your home, you may be able to receive a tax credit. Such improvements can include a new roof, or insulated windows or doors – anything that makes your home more “green.”
Claiming Adult Children
By now, your kids are likely grown but they may still require support from Mom and Dad be they college students or newly-minted young professionals. If your child is still 18 or under, you can absolutely claim them, but after they turn 19, the qualifications can become a bit trickier – here’s the breakdown.
Remember, even the most experienced taxpayers still have questions – that’s why we’re here to help! Be sure to browse our services page and fill out the form for a free consultation. Or give us a call at 844-841-9857!
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