Where The Needs Of Others Come First · Available 24x7 For Emergencies
Find Out About Senior Tax Issues from Caregivers near Escondido
With W-2s sent out, tax forms laid out at the local library, and an April 15 deadline just over the horizon, tax season is in full swing. If you care for an elderly family member, you may have even more paperwork and calculating to take care of than most of us. Caregivers near Escondido would like to let you know about some California-specific tax issues that affect seniors.
California: Tough on Seniors
If you have been surprised at the amount of tax money that your senior loved one owes, there’s a good reason: California is ranked among the ten least senior-friendly states when it comes to taxes. While most states grant numerous tax breaks to retirees, California offers hardly any—except for an exemption on Social Security benefits. Someone who retires early, in fact, pays extra taxes in the form of a penalty. Researchers have noted that many seniors move to nearby Arizona or New Mexico before retiring, in order to avoid California’s high taxes.
Other Tax Factors
Income tax isn’t the only kind of tax that affects seniors. Property tax is a major concern, and another area in which California doesn’t offer any kind of break to the elderly. Seniors do, however, have one positive feature to thank the state for: with no inheritance/estate tax, they can rest assured that their family members will receive the full benefit of their legacy.
Caregivers in San Diego County Ease the Financial Burden
High taxes on seniors in California can be discouraging, and might well prompt family members to seek ways to save money in other areas. If you are considering moving your loved one to a long-term care facility, you may want to consider instead the more affordable option of hiring caregivers. In San Diego County, these professionals can help seniors stay healthy and safe in their own homes with up to 24-hour care.