Tips & Advice
Is assisted living the same as a nursing home?
An assisted living facility is not the same as a nursing home. Nursing homes provide skilled nursing care for those who suffer from conditions or disabilities that call for intensive, ongoing medical assistance. Assisted living facilities typically cater to seniors who need less medical care and who require a living situation that provides more independence than is typical at a nursing home.
However, some assisted living facilities also provide skilled nursing care for residents who need it. At several locations around the country, you can find independent living, assisted living and skilled nursing facilities all on the same campus, allowing residents to make a smoother transition from one to the other.
How much does it cost to live in an assisted living facility?
The cost of residing in an assisted living facility can vary based on location and the size of the unit being rented. The national median average for renting a one-bedroom apartment in an assisted living facility comes in at around $3,500 per month.
If you have long-term care insurance, this coverage will usually assist with the costs associated with residing in an assisted living facility. Some seniors who don't have long-term care insurance cover the costs associated with assisted living by selling their homes. In cases where a couple owns property and only one person in a couple requires assisted living, the partner who is remaining at home will sometimes take out a reverse mortgage on the property to cover costs.
What services are provided in assisted living facilities?
Assisted living facilities provide a wide range of services that can help seniors who have trouble handling tasks related to basic self-care. These facilities can provide daily meals, and assist with bathing, grooming, and toileting. They can help with basic housekeeping and laundry, and they also provide 24-hour security that creates a safe environment for seniors. Assisted living facilities can also provide seniors with easy access to transportation, and offer social programs that can help give seniors a sense of community.
Is assisted living covered by Medicare?
Medicare doesn't typically cover costs directly associated with assisted living. However, Medicare might be used to pay qualified healthcare costs for someone who is staying at an assisted living facility. These costs may include expenses associated with doctor visits and prescriptions.
While Medicare doesn't usually cover assisted living, it typically covers the costs directly associated with staying in a skilled nursing facility (also known as a nursing home). Medicare also commonly covers the cost of hiring a professional to provide home health care.
What is an assisted living facility?
An assisted living facility is a residence that provides long-term care and support for seniors, while allowing them to live more independently than they would if they were residing in a nursing home. These facilities can provide seniors with regular meals and assist with tasks such as bathing, medication management, basic housekeeping, laundry, and getting dressed. Assisted living facilities also provide round-the-clock security and assistance with transportation. Some assisted living facilities provide access to skilled nursing care for those who need more intensive medical support.
Can a tax preparer be sued?
Yes, a tax preparer can be sued for malpractice if the plaintiff can demonstrate that they suffered damages due to a tax preparer’s failure to meet the minimum standards required by the IRS. A higher-than-wished-for tax bill is not usually justification. However, there may be just cause if the tax preparer made mistakes on a tax return that led to gross overpayment of tax, or if the tax preparer made mistakes on a client’s tax return that led to the client being audited or sanctioned. A tax preparer can also be sued for misappropriating the client’s funds.
What are the benefits of filing taxes electronically?
The benefits of filing taxes electronically are chiefly that the documents arrive faster to the IRS and state tax centers, and can be processed faster. Also, for those who are e-filing payments, you know the money is going immediately to the IRS or the state, and there is an electronic record—so no stress about a check being lost or a payment not recorded.
How much does it cost to have taxes filed professionally?
The cost to have taxes filed professionally ranges from about $150-$800, but the average cost for an individual is $250. The lowest cost is for someone filing a Form 1040 without itemized deductions. The highest cost is for corporate tax forms, which are largely for legitimate businesses with several employees.Many former 1099 contractors are switching to LLC or S-Corp status and therefore end up needing to file business taxes. Even individuals who are filing 1099s with itemized deductions and multiple clients might find themselves paying $500 to have their taxes professionally prepared because of the amount of detail work this requires from the tax preparer.
What documents are needed for filing taxes?
To files taxes you must provide all W2s and 1099s for the previous year, business-income records (for small business owners), investment-income records, rental-property income records, and documents showing social security and unemployment income. If you’ve settled a debt and received a document forgiving a certain amount, you should include that paperwork as well.
What is a certified tax preparer?
According to the IRS, a certified tax preparer is an authorized tax professional. The IRS assigns a Preparer Tax Identification Number (PTIN) to people who have attained this authorization.
There are different credentials under the PTIN umbrella.
Note: Specific practice rights of “Unlimited Representation Rights” and “Limited Representation” were redefined in 2016, to assign less-qualified preparers fewer responsibilities under “Limited Representation.”
- “Unlimited Representation Rights,” i.e., the power of representing clients on all tax-related issues
- This includes Enrolled Agents, who are licensed by the IRS, and CPAs, who are licensed by state boards of accountancy, the District of Columbia, and U.S. territories
- Attorneys licensed by state courts
- “Limited Representation” certification for seasonal or non-credentialed individuals who can prepare taxes only, but not represent clients to the IRS