Caregivers Could be Missing Out on Thousands in Tax Deductions Website provides people taking care of elderly parents tips to save money on taxes
NAPLES, Fla., Feb. 1, 2012 /PRNewswire/ -- People taking care of an elderly family member might be eligible for tax deductions they are not even aware of: from hearing aids, walkers and dentures to the cost of transporting an elder to the doctor. Furthermore, if they pay over half of the elder's expenses for food, housing and medical supplies, the caregiver might be able to claim the elder as a dependent, a deduction worth thousands of dollars. However caregivers often don't know the tax laws and short-change themselves come tax time.
That's why AgingCare.com, an online support group for family caregivers, has launched "Tax Tips for Caregivers" a special section of the website that provides tips for caregivers.
The special section helps caregivers understand tax laws and take advantage of the tax benefits that are available when supporting an elderly loved one. Caregivers can find information on:
The 10 Most Overlooked Tax Deductions
Caregivers can get a break on their taxes, with these 10 tax deductions that many often don't know about.
Claiming a Parent as a Dependent
Caregivers might be able to claim their parent as a dependent, and save money on taxes – if they meet certain criteria.
Medical Expenses That Can Be Written Off on Taxes
Dentures to wheelchairs: What can and can't be written off? Here's a list of medical expenses that can be claimed as deductions.
How Living in a Nursing Home or Assisted Living Affects Taxes
If an elder lives in a senior living facility, does that affect their tax status? Do they have to pay more...or less taxes?
AgingCare.com provides online caregiver support by connecting people caring for elderly parents to other caregivers, elder care experts, personalized information, and local resources. AgingCare.com has become the trusted resource for exchanging ideas, sharing conversations and finding credible information for those seeking elder care solutions. For more information, visit the AgingCare.com website.