What You Need to Know about Caregiving Expenses and Tax Deductions
Deductible Medical Expenses
How many deductions have you planned to make on your taxes this year? Well, whatever that number is, be ready to add one more to the list! That’s because there’s a chance that you can deduct your non-medical senior care expenses from your taxes this season if they exceed 10% of your gross income. If you are paying for an adult dependent or if you are paying for your own elderly care, you are most likely eligible.
However, the only way you are going to be able to determine this for sure is by contacting your tax professional or CPA for them to check out the details and see if you are eligible.
Don’t Overpay if You Don’t Need To!
Over 2.2 million Americans regularly overpay on their taxes every tax season, simply because they don’t take the time or put in the effort necessary to find all their potential deductions. This fact from GAO is absolutely stunning and should be a cause for concern. Do you know how much money could be saved by these Americans if they just put in a bit more effort with their tax professional to figure out all potential deductions?
We want to make sure that you are not one of those Americans who overpays this tax season. That’s because senior care in Columbia can get pretty expensive, even though this care is crucial for your loved one or yourself. And we know that sometimes, it’s better to keep some of that money in your pocket for other expenses or that nice vacation you’ve been wanting to take. Make sure to schedule an appointment with your tax professional or CPA to learn more about the details of these deductions and figure out if you’re eligible!
We hope that this article has given you a good idea of the potential expenses you could be deducting on your taxes this year. At Always Best Care, one of our main priorities is helping families to lift their financial burden. And one of the ways we do that is by making you aware of how you could deduct you or your loved one’s senior care expenses from your taxes. Head to the office of your tax professional or CPA to discuss more of the details.