What You Need to Know about Caregiving Expenses and Tax Deductions in Monroe
Deductible Medical Expenses
Did you know that, if you pay non-medical care expenses for a loved one, you can deduct them from your tax bill if they are more than 10% of your gross income after adjustment? A lot of people know this is the case for medical expenses, but aren’t aware for non-medical.
In order to claim, you must know the regulations and be aware of how they affect your particular situation. We would always recommend discussing your specifics with a tax professional before proceeding.
It is likely, though, if you pay for in-home care in Monroe for your loved one,you will be entitled to this reduction.
Always bear in mind the complexities of the US tax system. Knowing the rules apply to your individual situation is vital before submitting.
Don’t Overpay if you don’t need to
People are paying over the odds for their tax, simply because it is the easiest option. Make sure you know what your individual entitlement should be. The standard deduction might be the easiest option, but it isn’t necessarily the most sensible or cost-effective one.
Paying for the care of a loved one means you are entitled to tax breaks that you should always take. Know your options before proceeding.
Paying a company to take care of a loved one can be a large expense, a vital expense, but still a cost that can take up a sizable chunk of your income. Saving money in other areas, such as reducing your tax bill, can be the difference in you being able to afford the care and a less desirable alternative.
Always Best Care wants to make sure you are in the best position to be able to afford the care your loved one needs, which is why we offer a free consultation before you commit to us.
We understand it can be a large expense, and we recommend highly you speak to your accountant or tax professional to make sure you are taking advantage of all possible savings in all possible areas. Making sure you are taking advantage of all the deductions that are on offer is an important first step.