Claim all the tax breaks you’re entitled to

By: Carole Feldman

Donald Trump’s acknowledgement last fall that he had not paid federal income tax in years left some questioning why they should have to pay taxes.“I think you pay taxes because it’s the right thing to do,” National Taxpayer Advocate Nina Olson said.But that doesn’t mean you don’t take tax benefits to which you’re entitled.“It’s easy to... READ MORE

Children may have to pay for parents’ care

By: Eleanor Laise

When an older adult racks up unpaid long-term-care bills, who’s responsible for paying the debt?In a growing number of cases, adult children are being held legally responsible for their parents’ nursing-home or other care expenses. The reason: More than half of U.S. states have “filial responsibility” laws obligating adult children to financially support their... READ MORE

Expanding tax credits for aging in place

By: Sandrzej

Howard County Executive Allan H. Kittleman has proposed a bill that would expand a tax credit to help residents who are adapting their homes to “age in place.” The expansion of the preexisting Livable Homes Tax Credit is in response to recommendations from the county’s Commission on Aging.Unlike deductions or exemptions, which reduce the amount of income subject to tax,... READ MORE

Securities hotline protects you from fraud

By: Elliot Raphaelson

It’s no secret that many people reach retirement with a nest egg inadequate to last the rest of their expected life. Many will be looking for investments with above-average rates of return.But higher returns requires assuming higher risk. This can make retirees especially vulnerable to fraud.Studies have shown that people start losing mental capacity after age 70. After 85, it can be... READ MORE

When your kid is a financial train wreck

By: Liz Weston

Financial planners and credit counselors see plenty of examples: The grown son who lost a job, moved home and stopped looking for work. The daughter who constantly mismanaged her checking account — and turned to payday lenders when parents stopped covering her overdrafts. The father working into his 70s to support spendthrift children in their 40s and 50s.Kristi Sullivan, a certified... READ MORE

County warns residents of utilities scam

By: Sandrzej

As colder temperatures begin to blow in across the region, Howard County’s Office of Consumer Protection is warning residents to be on the lookout for calls from individuals posing as representatives of local utility companies demanding immediate payment for service.This warning follows an alert issued by the Federal Communications Commission (FCC) as part of the FCC’s new,... READ MORE