2011 Tax Tips for Family Caregivers
If you are supporting an elderly parent, you may qualify for some tax benefits from the U.S. government that reward you for your caregiving efforts. These tax benefits may include claiming your parent as a dependent on your tax return or deducting the contributions you made towards their medical expenses and care. In order to qualify for these tax breaks, you must first be aware of the tax benefits available and then determine whether you qualify. “It is important for all family caregivers to verify their eligibility and take advantage of these tax credits,” said Allen Hager, chairman and CEO of Right at Home, Inc, an international in-home care franchise.
Tip #1: Determine if you are able to claim your elderly parent as a dependent.
If you support your elderly parent, you will want to claim him/her as a dependent on your…
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