Archive - January 2, 2010

1
Should You Buy Long Term Care?
2
Why Some Will Have to Delay Their 2010 Tax Filing

Should You Buy Long Term Care?

Q: How do I evaluate long term care insurance for myself and my spouse?  We’re both 45.  I heard it’s better to buy it when you’re young.

A: With the way the winds of change are blowing, it probably is a good idea to look into buying long term care insurance now vs. waiting.  Why?

  1. The price of long term care (LTC) has been increasing dramatically, a trend expected to continue for the foreseeable future.  Depending on the extent of the care needed, even individuals with substantial assets may have trouble covering these costs on their own.
  2. The price of
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Why Some Will Have to Delay Their 2010 Tax Filing

Since the 2010 Tax Act was passed so late in the year, the IRS is having to delay the start of processing for some returns, since their systems have to be updated.  While most returns can begin being processed pretty much immediately in January, there are some that will have to be delayed for processing until sometime in mid- to late-February.

The three specific areas that will cause the delay are:

  • Taxpayers claiming itemized deductions on Schedule A.  Itemized deductions include mortgage interest, charitable deductions, medical and dental expenses, as well as state and local taxes.  In addition, itemized deductions
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