Boomer or Bust: Your Financial Guide to Retirement, Health Care, Medicare, and Long-Term Care

Chapter 4. Income Taxes for Seniors

	“If Thomas Jefferson thought taxation without representation was bad, he should see how it is with representation.”
	--Rush Limbaugh

The federal income tax was not designed merely to confiscate our hard-earned money. The Internal Revenue Code was also designed to encourage certain activities—such as charitable giving, which is deductible—and to discourage other activities, such as running up credit card debt, which is not. Buried within the Internal Revenue Code are some tax benefits for older Americans—and their care-giving children—along with some pitfalls to avoid. So let’s get our shovels and do some digging

Dependents: It All Depends

Turnabout is fair play. Just as baby boomers were once claimed as dependents ...