What You Need to Know about Caregiving Expenses and Tax Deductions in Tacoma
Deductible Medical Expenses
If you are paying for your own in-home care or if you are paying for the care of a loved one, then you should be aware that you may be overpaying on your tax returns. If you have non-medical care expenses that are more than 10% of your gross yearly income, then as long as you meet eligibility rules, you could be taking higher deductions from your tax bill.
The US tax system is complex and can be hard to understand, which is why we would always recommend talking to a tax professional about your situation. Schedule an appointment to see if you are eligible for a greater deduction.
Don’t Overpay if you don’t need to
A lot of Americans overpay their taxes. The GAO estimates it is as many as 2.2 million people. Most of the time, this is due to people just not putting in the effort to find out exactly what they should be deducting from their tax bill. Just a refusal to stop automatically using the standard deduction and taking the time to explore all the options is costing people hundreds and thousands of dollars every year.
This is why we would recommend speaking with your CPA. If you suspect you are paying more than you should be, then get a professional to check it out. If you are eligible for a greater deduction, then take it. Don’t overpay if you don’t have to.
Elderly care in Tacoma can be expensive, but we want you to be comfortable with the cost. If getting a greater reduction on the taxes you are paying helps you to pay for vital care, then everybody’s happy.
Always Best Care, of course, places its greatest emphasis on the welfare of the seniors who are in our care. As part of this, we also make sure their family members are happy with the relationship we have in place with them. Often, family members are contributing financially to the care of a loved one, and we want to make sure they are comfortable in this support, and it does not become a burden. Greater deductions come tax season are important. Ensure you speak to your CPA about them as soon as you can.