What You Need to Know about Caregiving Expenses and Tax Deductions in Potomac

Deductible Medical Expenses

If care expenses are more than 10% of your adjusted yearly gross income, then it is possible you are due a greater deduction on your tax bill. Most people know this is the case for medical care but are not aware it also applies to non-medical care. If you pay for in-home care in Potomac, then you could qualify.

There are other things to consider before finding out if you are eligible for greater deductions. This is why we would always recommend using the expertise of your CPA or a tax professional. You need to be aware of the correct procedures and the criteria you will be judged against.

As with most countries, the US tax system is complicated. You may be entitled to save a lot of money, but you need to be sure before making the claim.

Don’t Overpay if you don’t need to

As a nation, the US has a large number of people who pay more tax than they need to, simply by not being thorough enough with exploring all the options available to them. If you are paying for elderly care for yourself or a loved one, then there may be genuine tax breaks on offer to you. Taking the standard deduction may seem like the easiest option at the time of filling in your returns, but if you were due to receive a much greater deduction, then wouldn’t that be the more satisfactory outcome?

Providing quality home care for your loved one is what you would expect of Always Best Care, but we understand better than anyone that the finance involved can put a strain on families. If you could take action to make this less of a burden, then you should grab it with both hands. These tax breaks are there to help people in these situations and need to be taken advantage of.

Learn More

If you need to know more information, then speak to your CPA or employ the services of a tax professional. In the long-term, their expertise will likely save you money, ensuring elderly home care remains well within your means.

Posted In: Senior Care