A Retiree’s Guide to 2016 Tax Requirements
It’s hard to believe, but Tax Day is just around the corner, leaving many retirees to wonder if they need to file their taxes this year. We know that the filing process can be overwhelming and unenjoyable for many taxpayers, and many retirees aren’t sure of whether or not they need to file.
For those retirees, including our residents at The Villages at Two Rivers, we’ve pulled together the following guide to help determine whether 2016 taxes need to be filed:
Determine your 2015 gross income. Your gross income includes all taxable income, not counting benefits from Social Security.
Determine your status. Your options are: single, married filing jointly, married filing separately, head of household, and qualifying widow(er) with dependent child.
Compare your gross income to the threshold for your status. If your 2015 gross income was below the threshold for your status, you likely will not have to file taxes in 2016. However, if your 2015 gross income was higher than the threshold for your status, you will have to file. The thresholds for each status are below:
– Single: $11,850 if you’re 65 or older by January 1, 2016
– Married filing jointly: $23,100 if you and your spouse are both over the age of 65, and $21,850 if either you or your spouse is 65 or older
– Married filing separately: $4,000, at any age
– Head of household: $14,800 if over the age of 65
– Qualifying widow(er) with dependent child: $17,850 if over the age of 65
Don’t forget about your state! Even if you’re exempt from filing a 2016 federal tax return, that doesn’t necessarily mean that you’re exempt from filing your state return. Residents at The Villages of Two Rivers can check the filing requirements for Maryland, here.
Ask for additional assistance: There’s an abundance of resources for retirees who need more information about whether or not they should file their 2016 taxes. The IRS sponsors a program called Tax Counseling for the Elderly (TCE), which can provide free counseling and tax preparation for taxpayers over the age of 60! Or, you can visit an AARP Tax-Aide center, which offers free tax preparation to taxpayers over the age of 50. Residents at The Villages at Two Rivers have a Tax-Aide location conveniently located in the Crofton Library!
SOURCE: Grayson County News Gazette, Internal Revenue Service, AARP
A Spotlight on NVHomes
A recent study found that the happiest days of your life occur in your 69th year. Which means, active adult living should be the best chapter of your life—especially when you find the perfect place to call home, like our community here at The Villages at Two Rivers.
Active Adult Living in Maryland
If you’ve been searching for the perfect Maryland active adult community, come check out the beautiful model homes available from our selection of trusted builders, including NVHomes.
For over three decades, NVHomes has offered homeowners exceptionally crafted new homes, in the most desirable communities, including here at Two Rivers. Their passionate commitment to excellence is why NVHomes is one of the nation’s most recognized, premiere luxury homebuilders and why at The Villages at Two Rivers, we’re thrilled they’re a part of our builder team.
Beautiful New Homes
NVHomes blends timeless beauty with modern functionality, and continually evolves to meet the changing needs of homeowners. Three popular model home designs are available by NVHomes at Two Rivers. The Ocean Breeze, The Bornquist and The Armistead homes are designed to offer stylish, main level living with open floor plans, perfect for the active adult lifestyle of its residents.
These new construction homes feature all the amenities you need, and the little extras you desire. The Ocean Breeze home offers convenience first-floor living, designed to suite your lifestyle with a gorgeous owner’s suite, two-car garage and full basement, ready for customization. The Ocean Breeze starts in the high-$500s, with extra optional features including a bonus room and loft with bedroom.
The Bornquist home, starting in the high-$500s, is a favorite among residents with its elegant and dramatic features, offering a unique touch to this NVHomes design. The grand foyer and staircase offers a majestic, yet graceful feel as you enter the home. The main level owner’s suite offers a full bathroom, and a full array of customization options to ensure your home is truly unique to you.
Enjoy coming home to The Armistead, the smaller of the three NVHomes options. This home design starts from the mid-$500s and offers three bedrooms, including an owner’s suite, and two bathrooms all on the main level. The Armistead home also includes a full unfinished basement and starts at 2,094 square feet.
New Construction Home Amenities
All three of these beautiful model homes boast kitchen with gas stainless appliances, 42” upgrade cabinets and granite countertops. Enjoy tray ceilings, designer ceramic tiles and granite vanities in the owner’s suites. These ranch-style NVHomes all come with three bedrooms and 2 full baths on the main level, with optional upgrades and customizations.
Why Crofton is the Perfect Place for Active Adults
If you don’t know much about Crofton, Maryland, now is a good time to learn – especially if you’re an active adult looking for a new community to call your own! Crofton is a booming yet charming town with plenty to offer 55+ residents – just ask our residents at The Villages at Two Rivers!
Though The Villages at Two Rivers is officially located in Odenton, Maryland, it resides just on the edge of Crofton, which is a central location in beautiful suburban Maryland. Our residents are close to some of the most exciting towns in the mid-Atlantic, but can also enjoy the added benefit of a tranquil town removed from the hustle and bustle of a big city.
When our residents long for a day in the city, they have several excellent options, just a short drive away! Read on to learn why our active adults residents love having Annapolis, Baltimore and Washington, D.C. as day trip destinations.
If you ask us, Annapolis is a top contender for one of the most charming waterfront towns in the country – and is only about 20 miles from The Villages at Two Rivers! Historic downtown Annapolis offers striking views of the water, plenty of colonial charm and a wide variety of dining and shopping options – many of which are located on the beautiful Main Street. Active adults visiting the area can stroll up and down the cobblestoned streets, or opt for various waterfront activities, including stand up paddleboarding and boat tours – or simply enjoying the beautiful views!
While historic downtown is perhaps the most popular destination in Annapolis, there are several other communities – such as Eastport and West Annapolis – that have a lot to offer as well!
Another nearby city that’s steeped in history and has plenty of waterfront charm, there’s so much for active adults to do and see in Maryland’s capital city! If you’ve never visited Baltimore, you might want to start with a stroll around the Inner Harbor, where you can rent paddleboats on a beautiful day, grab a bite to eat, and marvel at the large ships often docked there. If it’s baseball or football season, catch an Orioles or Ravens game for an experience unlike any other!
Baltimore boasts many neighborhoods, all with their own distinctive personality and activities to try – making it a perfect destination for active adults looking to explore! Trek up Federal Hill to enjoy the view of the Inner Harbor, expand your culinary palette in Mount Vernon, or explore the eclectic shops in Hampden.
Active adults can come back to Baltimore time and time again, always finding another activity to discover in the city’s fun neighborhoods!
Our nation’s capital has seemingly endless options for active adults looking to take a day trip from Crofton! The most obvious options include national monuments and museums, but there’s also a nearly constant stream of exciting festivals and markets to choose from as well. Residents of The Villages at Two Rivers have the option of taking the nearby New Carrollton metro station into our nation’s capital for additional convenience!
At The Villages at Two Rivers, our central location isn’t the only feature that makes our community perfect for active adults. Beautiful new construction homes from the Classic Group, NVHomes and Ryan Homes, and exciting amenities (coming soon!) are just a few features, in addition to our central location, that make The Villages at Two Rivers the ideal 55+ community in Maryland!
What Do Baby Boomers and Seniors Want Most in a Home?
Members of every generation are defined by different characteristics, behaviors, interests, values and preferences – and a recent study completed by the National Association of Home Builders (NAHB) illustrates that these generational differences extend to preferences in home and community features.
The study details home buying preferences across several generations – Millennials, Generation X, Baby Boomers, and Seniors – exploring which home features are on the “most wanted” list for these generations, as well as home and community features that are on the “most unwanted” list.
The results not only reflect the characteristics of each generation, but are also telling for home builders and community developers, who can incorporate these features into their homes and communities depending on which generation they’re targeting as home buyers.
For home builders in active adult communities such as The Villages at Two Rivers, the preferences of the Baby Boomer and Senior generations are of particular interest. The NAHB study found that for both generations, a laundry room, a full bath on the main level, and exterior lighting all ranked on the top desired features in a home. Active adults residing in Classic Group homes in The Villages at Two Rivers can find all of these features in their new homes!
According to the NAHB study, Baby Boomers and Seniors also share similar distaste for certain home and community features, such as a day care center, pet washing station, wine cellar and two-story family room. If you consider the lifestyles of these generations, those “unwanted” features make sense. At Classic Group, our role as both a builder and developer in The Villages at Two Rivers has allowed us to make sure that both the homes and the community are tailored toward the lifestyles of our 55+ residents – including features they do want, while leaving out those features that are less desirable.
If the NAHB study is any indication, homebuyers in the Baby Boomer and Senior generations are looking for homes and communities that maximize convenience and suit their lifestyles. At Classic Group, we recognize this need, and we’ve built our new homes and developed the community to best suit the preferences of our active adult residents!
4 Ways to Use Social Media as an Active Adult
You may have heard by now, but did you know, social media isn’t just for your children and grandchildren? Though its primary purpose is to offer networking abilities with friends, family and colleagues, there are dozens of other benefits to social media, especially for us Active Adults!
1. Keep in Touch:
This may seem obvious, but social media is a great way to keep in touch. Not only with family, grandchildren, and good friends, but also with former colleagues, especially if you’ve retired since moving to your new active adult community, or soon to be new community.
2. Find New Businesses & Activities:
Companies and brands that advertise on social media, especially Facebook, do so by very specifically targeting their ideal audience. This isn’t all bad, especially when it helps you discover a new activity to enjoy that’s designed with you in mind! A proactive way to discover new businesses yourself is to follow the business page of a local company you support, or in our case, the official Villages at Two Rivers Facebook page. Many businesses, such as Two Rivers, also like to share news about other businesses to check out or activities to partake in with friends and neighbors, so following the pages of companies you support can help you discover new activities to enjoy.
3. Discover Local Events:
Similar to how you can discover new local companies you’d like to visit or activities to partake in, Facebook and other social media outlets provide a great way for discovering local events. Again, follow the pages of businesses you support and any favorite local news stations. If you live in the Annapolis area, the Eye on Annapolis Facebook page offers many great listings for upcoming events and festivals.
4. Tailor Your Newsfeed:
Facebook in particular allows you to edit the friends, businesses, and colleagues you follow. Because of this, you can easily hide the posts of those you are less interested in staying in touch with, so you can follow the ones you care about the most. Not only friends and family, but you can also follow health blogs and news sites. For instance, if you are a subscriber to the Washington Post you can easily alter your Facebook newsfeed so that many of the headline stories appear first when you login to Facebook. This is also great if you follow such popular health sites as Dr. Oz, Mayo Clinic or even AARP.