Deductible Medical Expenses
How many deductions do you think you can take off on your taxes this year? If you are like many people, you might be thinking about going the standard deduction route that you always go down. However, what if we told you there’s a big deduction you could make on your taxes? That’s right – if your non-medical senior care expenses go over 10% of your gross income, there’s the potential that you’re eligible to deduct these from your taxes this season.
Generally, you are going to be eligible if you are a senior paying for your own elderly care or if you are a family member paying for them. However, the only way to determine this is by getting in touch with your tax professional or CPA.
Don’t Overpay if You Don’t Need To!
Take a guess at how many people in the United States overpay on their taxes yearly. How many did you guess? 1,000? 10,000? 100,000? Well, get ready to be shocked a bit. GAO estimates around 2.2 million Americans overpay on their taxes every year, simply because they don’t put in the time and effort necessary to find all possible deductions. Imagine how much money could be saved by these people if they knew about all the deductions available to them.
This is especially true when it comes to the expenses of elderly care in Dallas. At Always Best Care, we know this care is crucial for the health and safety of your senior. However, we also know it’s tough for some families to make sure their finances are in order to pay for these costs. That’s why it’s in your best interest to speak with your tax professional or CPA to check to see if you’re eligible for these non-medical senior care expense deductions. There’s nothing wrong with asking, and it could lead to a big pay-out in the end if you are eligible for these deductions!
Learning more about these potential deductions from your taxes is super easy! While we can’t advise you on all the details regarding your taxes, at Always Best Care, we can give you advice to call your tax professional or CPA to determine whether you’re eligible. They are going to be the best person to tell you if you can save tons of money with this avenue.