If you’re the primary caretaker for an elderly parent, spouse, or even an older child, you have a lot on your plate. Being a caretaker can be a drain—emotionally as well as financially. Luckily, come tax-time, there are a few benefits you can take advantage of to reduce what you owe. For instance, you’re allowed to deduct impairment-related medical expenses, including installing items such as:
- Handrails or grab bars
- Entrance or exit ramps
- Chair lifts
- New fire alarms and other warning systems
- Wider doorways and hallways
- And more
Meanwhile, if you live with a dependent who cannot care for him- or herself, you may also be eligible for the Dependent Care Credit, which relates to costs incurred hiring someone to care for the individual while you and your spouse work. These are just two of the considerations you’ll need to take into account when you file your tax return.
To learn more, contact Virginia Beach’s trusted tax help specialists at Taxation Solutions, Inc. We’re pleased to provide all sorts of tax resolution services, including advising you on your eligibility for various deductions and credits—or helping you deal with issues if you’ve claimed something incorrectly or are facing an audit. Get in touch today!