Senior Helpers In Home Elder Care of Lansdale, Pennsylvania,Highlights Top 10 Tax Write-Offs That Caregivers Might Be Missing
Senior Helpers offers tips to help caregivers get the most from Uncle Sam
Lansdale, Pennsylvania - (March 2012)
The economy may be slowly recovering, but it has forcedcaregivers into a new type of economic crisis: paying their own bills in addition to covering the costs of caring for an elderly loved one.
More than 65 million people are family caregivers in the United States,spending an average of 20 hours/week caring for loved ones**.
,wants to be sure that families don’t miss out on valuable
deductions that could help make their lives a little easier this year.
“One fifth of the families in this country are shouldering the cost in ti
me and expense of caring for
elderly loved one,” says
. “It’s important for families to know there is help out there, such as
Senior Helpers,to share the burden. But caregiving can be expensive and we want to make sure familiesknow about key tax deductions they qualify for to help with the costs,
Cabrey adds, even something assimple as taking Mom or Dad to the doctor can be a tax deduction.
Top 10 Tax Deductions Caregivers Most Often Overlook
Please note, it’s important to check specific guidelines for qualifying expenses when filing your tax
return(http://www.irs.gov). For example, medical and dental costs must total more than 7.5 percent
adjusted gross income to be deducted.
nearly 100 medical individual medical expenses can be deducted,including hearing aids and prescription medicines
Long-term health care costs
people often overlook that you can write-off long-termcare services and long-term care insurance (depending on age)
including doctor appointments and out of town visits to a specialist
including dentures and artificial teeth
Home improvements for aging adults
installing wheelchair ramps, hand rails and grab
bars in bathrooms are good examples of deductions. It doesn’t matter if theseimprovements are in the senior’s home or the adult child’s home –
as long as the
improvements don’t add value to the home, you can write them off.
Energy saving home improvements
High efficiency furnaces, insulation, windows andeven weather stripping are included. For more specifics, visithttps://www.energystar.gov.
whether it’s adult children or the senior’s home loans, construction
loans or home equity line
s of credit… they can all be deductions.
State and local sales tax
a good idea for those who live in states that don’t have income
tax. If you do, you'll need to decide whether to deduct state and local sales taxes, or stateand local income taxes.
Estate tax on an inherited IRA
- If you inherited an IRA from your parents, you could takea deduction for federal estate taxes paid on IRA income.
you can deduct not only the value of items you donated tocharity, but also out-of-pocket costs related to volunteering.
Cost of Caregiving Statistics