It’s Time To Think TAXES!!
As many people are preparing their taxes for the April deadline, St. Andrew’s Caring Workplace likes to take this opportunity each year to remind our clients that there are real estate tax assistance programs available for Seniors or those who are disabled. Missouri currently offers two forms of assistance, the Homestead Preservation Credit gives qualifying individuals a credit on their real estate property tax if those taxes increased 2.5 percent in a non-reassessment year or 5 percent in a reassessment year. The credit would be for the amount that exceeds the 2.5 or 5 percent increase in taxes. This return must be filed between April 1st and October 15th, 2010 to receive assistance for 2009 property tax. A person cannot file a claim for a previous year.
The Missouri Property Tax Credit, also referred to as the Circuit Breaker Program, is another form of assistance available. The Missouri Property Tax Credit Claim gives credit for a portion of the real estate taxes or rent they have paid for the year. The actual credit is based on the amount of real estate taxes or rent paid and total household income. Claims can be filed for individuals living in a nursing home or assisted living. Separate claims can be filed for married couples in the event that one individual lives in the community and the other resides in an assisted living or skilled nursing facility. The claim must be filed by April 15th to receive a credit for the previous year. Eligible individuals can file for previous years if they have not received this credit in the past. Qualifying individuals can only apply for one of these two programs. Forms for both programs can be obtained through the Missouri Department of Revenue. There are similar programs available in Illinois as well as other states. If you would like to learn more about programs for your area, or need assistance in determining eligibility or filing claims please contact your ElderCare Specialist, Heather O’Brien, or visit the Missouri Department of Revenue’s website at www.dor.mo.gov.
We would also like to remind our family caregivers and older adults that you may be entitled to some deductions when you file your income taxes as well. If you are in a qualifying tax bracket some medical expenses such as insurance premiums, prescriptions, and doctor’s bills may be deducted if they are in excess of 7.5% of your adjusted gross income. This does not include expenses you have been reimbursed for by a flexible spending account, Medicare or other insurance providers. You can also claim expenses such as oxygen, medical equipment, hearing aids, dentures, and eyeglasses in some cases. And there are special programs for those who have made home modifications related to accessibility in the past year, which would include adding ramps, widening doorways, installing railings and grab bars, lifts, and warning systems. The compassionate staff at St. Andrew’s Senior Solutions serves and supports older adults and their families by providing respite care, care management, and nursing services. For more information please contact your Caregiver Specialist at 314-802-5106, toll free 1-888-388-1930 or hobrien@standrews1.com.