Tax Breaks for Americans Caring for Elderly Loved Ones
March 29, 2011 (SmartPros) The economic downturn has made life even more of a struggle for the millions of folks caring for elderly loved ones.
They’re working longer hours, paying higher gas and medical bills and struggling to find the money and time to care for aging loved ones. However, this tax season, Uncle Sam gives you a gift if you’re caring for an elderly loved one – a tax break many families don’t even know about.
“One fourth of the families in this country are caring for elderly loved ones and they’re not aware of a tax law that allows you to write-off some of the expense,” says Peter Ross, CEO of Senior Helpers, a leading provider of in-home senior care. “Whether you’re providing that care yourself, or you’ve hired a caregiver, you should take advantage of the tax breaks that are a true gift in these troubled economic times. If you don’t qualify for the tax breaks, there are other ways to cut costs every family should know about.”
Caring for An Elderly Loved One In Tough Economic Times
TAX BREAKS FOR ELDERLY CARE
Claim your parent as a dependent
Deduct your parent’s medical expenses***
OTHER WAYS TO CUT COSTS IF CARING FOR AN ELDERLY LOVED ONE
Veteran’s Benefits – Veterans can earn up to $1,800 a month in VA pension money to pay for in-home care. Senior Helpers helps families find resources to get these benefits.
Contact Your Local Area Agency on Aging - Learn about government assistance programs that provide low income seniors, eligible for Medicaid, money to pay for in-home care.
“American families need to realize there is help out there to help them shoulder the burden of caring for an elderly loved one, “says Ross. “If you can’t provide care yourself, hire a caregiver and research the ways you can pay for that care. It’s a cheaper alternative to a nursing home and your loved ones get to stay in the comfortable surroundings of their own home. ”
* Survey by caring.com
** Survey by Volunteers of America
*** Source: Perspective Accounting Services