There are many, many aspects of being a caregiver. Whether you’re aware of it or not, come tax time, you can take caregiver tax deductions when you’re filing, whether you’re filing as single, married, head of household, or otherwise. While it’s always best to consult a tax professional for legal tax advice, these days many filers do their taxes themselves, online. When it comes to tax deductions for elderly parent care, there are some tips and tricks you should be aware of.
Simplest Tax Deductions for Elderly Parent Care
Depending on how straightforward your taxes are, there are some simple things to consider first, such as claiming a parent as a dependent. If you are filing with income less than $384,000 (single) and you provided more than half of the financial support for your parents over the last year, this is one of the easiest tax deductions for elderly parent care to take. Another exemption to consider is a tax credit for taking care of an elderly parent. This is usually involved when you are paying someone else to take care of your parent while you work (or look for work), however, there are other types of an elderly dependent care tax credit, such as claiming them through your employer’s dependent benefits (similarly to claiming child care). Some of these credits and exemptions can get a bit tricky, but the right tax professional can easily walk you through the steps for itemizing your deductions.
Medical Tax Deductions for Elderly Parent Care
Regardless of how much time you spend taking care of your elderly, ill, or disabled parent, there are also tax deductions for elderly parent care for medical expenses alone. If you’ve paid out of pocket for medical procedures, hospital stays, medications, or other medical expenses not covered by insurance, you likely can deduct these on your taxes and claim them. When it comes to these types of tax deductions for elderly parent care, it’s best to keep records so that everything is in place come tax time.
Other Credits and Tax Deductions for Elderly Parent Care
There are also two separate, distinct credits you may want to research via the IRS or talk to a tax professional about. One is called the Child and Dependent Care Credit, and the other is the Credit for the Elderly or the Disabled. Different tax situations apply to different households, but both of these tax deductions for elderly parent care are worth looking into, if you pay someone to take care of your parent, you take care of your parent, or you yourself are age 65 or older.
Other Supports for Caregivers
“Caregiver burnout” is a real phenomenon, and caregivers should look for means of support and other ways to achieve help or aid, other than itemizing tax deductions for elderly parent care come tax time. Finding a local support group with other caregivers that may be going through the same things as you is a great idea. Also, if you are looking for outside services for yourself or for your parent. The National Family Caregiver Support Program can help caregivers (and their families) of persons age 70 and over. Getting in touch with a support program like this can not only help at tax time, it can point you in the right direction when it comes to other needs and services.
To learn more about support when it comes to being a caregiver, or to learn about products that can help achieve mobility for someone in a wheelchair, such as stair lifts or wheelchair ramps, contact Williams Lift Co. today. We want to help you live your best life.