What you need to know about caregiving expenses and tax deductions in Richmond
Deductible Medical Expenses
Were you aware that the amount you pay out in home care expenses can be deducted from your tax bill? There are many people who don’t.
If you are paying for in-home care in Richmond for a family member or for yourself and that care costs you more than 10% of your gross income, then you could be eligible for bigger deductions on your tax bill than you might realize.
The complexity of the US tax system means you can’t always guarantee your eligibility. It’s still very important that you consult with a CPA or tax professional. They will be able to take all your personal details into account and give you much clearer advice as to whether you qualify for a bigger rebate.
Don’t overpay if you don’t need to!
Why would you want to pay more taxes than you need to? You wouldn’t, would you? But according to the GAO, nearly two and a quarter million Americans did last year. Most of these were eligible for deductions they just didn’t look hard enough for, instead taking the easy ‘standard deduction’ on their tax returns.
If you are paying for non-medical home care, then you could be eligible for greater deductions. Speak to your CPA or tax professional as soon as possible and let them know your personal situation.
Always Best Care provides caregivers, who provide peace of mind to you that your loved one is being taken care of and being provided with vital support. We also appreciate that, in some cases, the expense involved can put pressure on tight budgets. Our advice is to try to save money wherever possible to pay for what you can’t do without. If your tax professional can get you back money you are already owed, but hadn’t realized, then all the better.
Speak to your tax professional or CPA about your situation. They can thoroughly check your eligibility and ensure your claim doesn’t fall foul of the complicated US tax system. These professionals generally charge a fee, which is a percentage of the rebate you receive. So, if their fees are large, you can rest assured you can cover it, as your rebate will be even larger!