Many people, at some point in their lives, will find themselves in the position of caring for an aging parent, aunt, uncle, or other relative who is no longer physically or mentally capable of caring for themselves. This stage of life can be difficult, especially when the person receiving care has complicated medical issues that require special home modifications or around-the-clock attention. Taxes and finances are the last thing any person wants to figure out on top of the medical demands and emotional labor inherent in eldercare—but these, too, are an unfortunate reality.
Luckily, there are tax benefits in place to help families during this time. The team at Taxation Solutions, Inc. can help families find financial support to make life easier for both caregivers and the individuals receiving care. Some of these support options include:
- Deductions for medical expenses
- Deductions for impairment-related home modifications
- Dependency exemption
- Dependent care credit
- Reverse mortgages
- Tax-free resources such as home equity and life insurance
This is just a sample of the options available to taxpayers who have taken on the duty of caring for an ill or aging loved one. The team at Taxation Solutions, Inc. has more than 40 years of experience helping individuals use the tax rules to their advantage. We understand the ins and outs of the law, and we’ll be able to examine your situation and accurately apply the tax code to help you enjoy the most beneficial outcome possible.
So, don’t sit and wonder what the possibilities are—contact the team at Taxation Solutions, Inc. today. Just one phone call could save you money while changing the life of you and your loved ones for the better!