Deductible Medical Expenses
Did you know, if you are paying for your own senior care or the care of your aging parent, you may be eligible to deduct those expenses from your taxes? That’s right! If they exceed 10% of your income, you could have the opportunity to take those off your taxes this season. This is generally applicable to most people, who are paying for senior care, but the best way to figure this out for sure is reaching out to your tax professional or CPA, who will be able to tell you right away if you are eligible.
Don’t Overpay if You Don’t Need To!
Did you know almost 2.2 million Americans overpay on their taxes every year, and most of them don’t even know it? According to GAO, this is because most of these people don’t put in the time and effort to find all the potential deductions during tax season. It’s true that it may require more of your precious time to do your taxes properly, but there could be huge payouts in the end if you find extra deductions. This is actually pretty easy if you get a tax professional or CPA, who understands the complicated US tax code,on your side.
At Always Best Care, we want to make sure every family who is helping their senior is financially comfortable. Even though we can’t help you understand your taxes to a tee, we can point you in the direction of your tax professional or CPA, who is the expert in these matters. They are going to be able to tell you right away if you are eligible for these deductions and how to take advantage of them.
If there’s one expense item that you wish you could save some of your hard-earned money, it would be on your expenses for elderly care in Woodlands, wouldn’t it? Well, at Always Best Care, we not only care for the elders in our care, but also for the family members, who may be providing them with financial backing. That’s why we wanted to give you this advice about deducting these huge expenses from your taxes this season. Make sure to reach out to your tax professional or CPA as soon as you can to understand more about these deductions and if you can take advantage of them.