Driverless Cars, Missed Medical Expenses & Tax Breaks

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In our last episode, we teased a discussion about long-term care insurance deductions and health savings accounts but ran out of time. Don't worry though, because today we're diving deep into these important topics.

 

In our last episode, we teased a discussion about long-term care insurance deductions and health savings accounts but ran out of time. Don’t worry though, because today we’re diving deep into these important topics.

As retirement approaches, medical expenses become an increasingly significant aspect of financial planning. With medical costs soaring nationwide, knowing how to maximize deductions and save money is crucial.

Join Don and Marc as they explore some overlooked opportunities in long-term care insurance and health savings accounts that can result in substantial tax savings. We have a feeling you’re going to learn something new today!

Here’s some of what we discuss in this episode:

  • Don’s recent conference in Arizona + self-driving cars
  • The high cost of assisted living and long-term care + considerations for itemizing deductions on tax returns
  • Some missed opportunities that Don often sees when it comes to medical expenses
  • How deductions work for Life Care retirement communities
  • Alternate ways to deduct medical expenses for self-employed individuals using Schedule 1 on the 1040 form

 

Resources:

Tax forms – 1040 form

https://www.irs.gov/pub/irs-pdf/f1040.pdf

Schedule 1 – Income & Adjustments

https://www.irs.gov/pub/irs-pdf/f1040s1.pdf

Schedule A –

https://www.irs.gov/pub/irs-pdf/f1040sa.pdf

Standard Deductions and Tax Brackets – 2023

https://www.irs.gov/newsroom/irs-provides-tax-inflation-adjustments-for-tax-year-2023

Long Term Care Insurance Tax Deductions –

https://apps.irs.gov/app/vita/content/00/00_25_005.jsp

Waymo Driverless Cars –

https://waymo.com/

 

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ABOUT YOUR HOST...

Donald W. Cash – CPA, CFP®, is an independent advisor. After graduating from Rutgers University, he began his career in 1985 as an accountant. In 1990, he entered the field of Estate Planning, concentrating on long-term care planning. Don has been advising clients in the baby boomer and retirement market for 20 years. He has helped over 1,000 families with their planning needs.

Don advocates for a holistic approach to Estate and Financial Planning and has relationships with other professionals including Attorneys, CPA’s, Mortgage Specialists, Insurance Specialists and Asset Managers.

He is married to Cathy and they have 4 children, Carly, DJ, Nick and Tori. They live in Freehold, NJ.

Don't Stop Here...

Little-known Tax Deduction for your Valentine

Punxsutawney Phil did not see his shadow, the Kansas City Chiefs won the Super Bowl, and Valentine’s Day is here. It’s a busy time of year, and while “Be my little tax deduction” isn’t the most romantic thing to say to your spouse this holiday, we’re going to discuss a tax deduction you can make for your Valentine before April 15th in today’s show.

WAYS TO CONTACT

(732) 784-2867

don@donaldcash.com