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.

  1. Claim them as a dependent if you provide more than half their support.
  2. Deduct fees for medical expenses including in-home help as long as the relative is your dependent.
  3. Itemize medical expenses.
  4. You can also deduct transportation for medical care.
  5. 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.

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