Deductible Medical Expenses
When it comes to senior care, we know it can be difficult to find all the necessary funds to cover it. Even though these care services are crucial to keep your senior happy and healthy, it can take a toll on most American’s wallets. However, we have some good news for you! There’s a way you might be eligible to deduct these non-medical elderly care expenses from your taxes if they exceed 10% of your adjustable gross income. This applies to those seniors who might be paying for their own care or family members who are providing for an adult dependent.
However, don’t take our word for it! You should consult with your tax professional or CPA as soon as you can in order to learn more about these deductions and determine eligibility.
Don’t Overpay if You Don’t Need To!
According to GAO, approximately 2.2 million Americans overpaid on their taxes last year, and that number could be even higher! That’s an incredibly large number of people who are losing out on their hard-earned money. Most of the time, they are overpaying because they don’t spend the time and effort required to search out every potential deduction. How many times have you been in that boat? If you’re like those 2.2 million Americans, you often find it difficult to find the time to properly go through your taxes in detail. Well, imagine how much money you could be saving during tax season if you deducted your expenses from senior care in Fort Worth. That would be well worth the time and effort put into it.
That’s why our suggestion is you call on your tax professional or CPA as soon as is convenient for you, so you can discuss the details. They will be able to determine whether you are eligible to deduct these expenses this tax season.
If you’re looking to learn more about these fantastic deductions on your taxes, your best bet is to schedule an appointment with your tax professional or CPA as soon as possible to hear more about the details. They are experts in matters like this and are going to be able to guide you most effectively towards your goal of saving money this tax season.