3 Ways to Save on Taxes
1 Itemize your charitable donations and get receipts. Add up the money or goods you donated to non-profit organization like Visiting Nurse Home Care, churches, etc. You can frequently find the value of donated goods by pricing similar items that are for sale at the thrift store.
2 Medical Expenses. Some of your medical expenses are deductible, providing they do not exceed the allowed percentage of your income. Deductible medical expenses include doctor and dentist fees, chiropractor fees, lab fees, contact lenses, glasses, prescription drugs and medical supplies. IRS Publication #502
3 Miscellaneous Expenses. There are a large number of expenses ranging from specific computer or cell phone expenses to some types of legal fees. It could be worthwhile to pick up the IRS Publication form #529 for a comprehensive list. Identifying some of these expenses might help your tax preparer investigate additional tax savings.
4 Ways to Help Stretch a Dollar
1 Investigate ordering your prescriptions by mail-order which typically provides a discount. Some major pharmacies have mail-order services, AARP offers this service or check with your Medicare Part D provider for information on this service.
2 Consider buying in bulk from discount outlets (example: Costco) for cheaper prices, then divide the cost and the bulk items with family, friends or neighbors. Everyone wins.
3 Ask for a 'senior discount' even when not advertised. Many businesses have discounts available but don't have them posted or are uncomfortable in asking or making an assumption you are old enough to qualify.
4 Check with Senior Information & Assistance for savings that might be available to seniors such as property tax exemptions, utilities, dental care, transportation, weatherization, in-home care, meals and nutritional supplements, legal assistance and more.
Whatcom County (360) 738-2500 Island County (360) 321-6661 Skagit County (360) 336-9345 or National Eldercare Locator 1-800-677-1116.
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