Planning for the future often means exciting things, such as buying a home, pursuing an education, starting a new job, or opening a business. Unfortunately, the future can also bring about some tough realities, such as the aging of your elders. As parents, grandparents, aunts, uncles, and other relatives age and begin to require special accommodations and frequent medical attention, it is wise to stay informed about all the tax breaks and financial assistance policies available to assist caregivers.
We’ll Get You the Financial Assistance You Need
The team at Taxation Solutions, Inc. has more than 40 years of experience with helping taxpayers navigate their options for care-giving. We will examine the nuances of your situation and help you determine the best way to ensure that your loved ones are well cared for without putting too much strain on your financial muscles.
Some of the options we can assist with include:
- Deduction for impairment-related property modifications
- Dependency exemption
- Dependent care credit
- Filing status adjustments
- Life-care facilities fees
- Living cost deductions
- Medical expenses
- Reverse mortgage as a nursing home alternative
- Tax-free resources, such as home equity and life insurance
Several of the options above may also benefit those acting as caregivers for disabled spouses, children, and other family members. When difficult times arise, our financial experts are an invaluable resource to help you make ends meet.
Many people find taxes and financial strategies to be intimidating, and the added pressure of ensuring the best possible quality of life for your family only adds to the frustration. The team at Taxation Solutions, Inc. is available to answer any questions you may have and alleviate your stress.