Tax Programs for Older Adults
It is that time of year again, and St. Andrew’s Senior Solutions would like to take this opportunity to remind our clients of tax programs their family may benefit from.
In previous years Missouri seniors and those with disabilities were able to take advantage of two programs: The Homestead Preservation Credit and the Property Tax Credit Claim (Circuit Breaker). However, the Homestead Preservation Credit program was cut in 2010. If you did not file for 2009 before August of 2010, you will no longer be eligible for a refund under this program. The Property Tax Credit Claim is still available. This program gives credit to eligible seniors and persons who are considered 100% disabled. The credit refunds a maximum of $750 for renters and $1,100 for property owners. The credit is based on expenses paid in rent or real estate taxes and total household income. If you were not aware of this program, you can file for the past three years. There is not an April deadline for filing for 2010. Those filing for 2007 must file before April 15, 2011.
The State of Illinois also has a Circuit Breaker Tax program that is similar to Missouri’s. If you pay property taxes or rent to a nursing home, retirement home, or shelter care home you may be eligible for a grant. However, Illinois also made cuts to their tax programs for older adults so the grant amount will be approximately half the amount as in previous years. However, the Illinois Circuit Breaker program continues to encompass the state prescription assistance program (IL Cares RX), public transportation vouchers, and assistance with license plate fees. Illinois also has a Homestead Preservation program, a Homestead Improvement program, and programs for Disabled Veterans.
If you would like information or assistance with any of these programs, please contact your ElderCare Specialist at hobrien@standrews1.com 314-802-5106 or toll free at 1-888-388-1930.