Caregivers, take a tax break! This is “LifeCycles” with Laurie Edwards-Tate, President, At Your Home Familycare.
If you’re caring for an aging relative, there are several ways to save money on your income taxes.
- Claim them as a dependent if you provide more than half their support.
- Deduct fees for medical expenses including in-home help as long as the relative is your dependent.
- Itemize medical expenses.
- You can also deduct transportation for medical care.
- Use Flexible Spending Accounts to put aside pre-tax dollars for medical expenses.
To fully understand all of your options, be sure to talk with a tax professional.