Deductible Medical Expenses
If you were not aware, you could be saving tons on your taxes this year if you deduct your non-medical senior care expenses. Your eligibility will depend on whether these expenses go over 10% of your adjustable gross income. And generally, anyone who is paying for their own senior care or any family member who is paying for an adult dependent is eligible.
However, we don’t want to give you any concretes. You’ll have to speak with your tax professional to see if you’re eligible in your specific case.
Don’t Overpay if You Don’t Need To!
What do you think is the main reason the average American overpays on their taxes? If you guessed that they just don’t take the time and effort to find deductions, then you would be correct! According to GAO, over 2.2 million Americans have found themselves overpaying on their taxes, simply because of that fact. And most people don’t even know about it! Do you?
This is important to note, because you shouldn’t be overpaying on your taxes if you don’t have to. There are plenty of deductions to take advantage of (including for senior care expenses). They just take a little bit of extra time and effort to go through and find. However, with the help of a CPA or tax professional, that process isn’t going to be as hard as it would if you went on your own.
Make sure to get in touch with a consultant in order to see if you’re eligible for these deductions of your expenses for senior care in Mainline.
At Always Best Care, we want to make sure every family we work with is financially comfortable with the costs they are paying for senior care. We can’t change the costs of this care, but we can help point you in the right direction to save some money at the end of the day. And right now, we’re pointing you to your tax professional or CPA to get more details about if you are eligible to deduct these non-medical costs from your taxes this tax season. Be sure to schedule an appointment with them before April 18th comes and goes!