{"id":10267,"date":"2021-04-22T00:00:00","date_gmt":"2021-04-22T00:00:00","guid":{"rendered":"https:\/\/www.lifeline.philips.com\/resources\/blog\/2021\/04\/tax-tips-family-caregivers-older-adults.html"},"modified":"2023-05-16T14:49:56","modified_gmt":"2023-05-16T19:49:56","slug":"tax-tips-family-caregivers-older-adults","status":"publish","type":"post","link":"https:\/\/www.lifeline.com\/blog\/tax-tips-family-caregivers-older-adults\/","title":{"rendered":"Tax Tips for Family Caregivers and Older Adults"},"content":{"rendered":"

Preparing for tax time is an important task whether you\u2019re doing your own returns or handing them off to a tax professional. The federal tax code changes frequently and it can be difficult to keep up. And then there\u2019s all the paperwork and math. But tax time doesn\u2019t have to be so stressful.<\/p>\n

With planning, organization and advice from experienced tax professionals, you can reduce the frustration of tax prep and maybe even reduce your tax liability. We\u2019ve collected a set of articles, IRS resources and other information to help you manage the tax implications of aging and caregiving.<\/p>\n

5 Blog Articles to Help You Do Your Taxes<\/h2>\n

Here are 5 blog posts that answer common tax questions and may help you take advantage of every opportunity to reduce your tax liability. Always consult a tax professional for definitive advice.<\/p>\n

1. General Tax Preparation Tips for Seniors and Family Caregivers<\/a><\/h3>\n

The best way to avoid a nasty surprise on your tax return \u2013 or a terse letter from the IRS \u2013 is to estimate what\u2019s owed so you can make smart decisions about cash flow and take steps to qualify for more deductions and credits. But you may have questions about how to do that. Should I prepare the return myself or get professional support? What information do I need to make tax prep easier and more accurate? How do I file for an IRS extension? Get answers here<\/a>.<\/p>\n

2. Are medical alert devices deductible?<\/a><\/h3>\n

IRS guidelines don\u2019t expressly mention medical alert systems like Lifeline<\/a>, but your system might be deductible depending on your circumstances. Learn more<\/a>.<\/p>\n

3. Can I claim my elderly parent as a dependent?<\/a><\/h3>\n

To qualify for tax breaks for family caregivers, you first need to determine whether you can claim your loved one as a dependent. Once that\u2019s established, you may qualify for deductions for elderly parent care and a dependent care tax credit.\u00a0 Find out how<\/a>.<\/p>\n

4. How do I benefit from the tax breaks for family caregivers?<\/a><\/h3>\n

The costs of caring for an aging loved one add up quickly. The amounts covered by Medicare or insurance coverage can be lower than expected, and the ongoing expenses associated with managing a chronic condition are often higher than we estimate. Luckily, there are tax breaks for family caregivers that may potentially reduce the financial burden of care. See how to get them<\/a>.<\/p>\n

5. What medical equipment is deductible and do I qualify?<\/a><\/h3>\n

Wondering if it\u2019s worth claiming medical expenses for equipment on your taxes? The answer is yes! Researching deductions for medical equipment used by yourself, your spouse or another person in your care is worth the effort because, if you itemize, you may be able to reduce your tax bill.<\/p>\n

Equipment from false teeth to oxygen tanks is on the IRS\u2019 list of approved expenses. Check out the opportunities<\/a>.<\/p>\n

IRS Tax Tips for Family Caregivers<\/h2>\n

The IRS website is the definitive source for advice on federal requirements for dependents, tax credits and deductions. We recommend reviewing these publications for more information on eligibility and requirements:<\/p>\n