Isn't It Time for a Break?

 A Tax Break! ​- Here are some tax deduction options that may give you some tax relief.
ATTENTION Family Caregiver! Did you know that seniors may be eligible to deduct portions or all of assisted living costs as a medical expense, for Federal income tax purposes, based on the federal Health Insurance Portability and Accountability Act (HIPAA)?

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• Senior Care Costs - All costs related to senior care may be deductible if the senior  is unable to perform (without substantial assistance) at least two activities of daily living (such as eating, bathing, dressing, etc.) or who require substantial supervision to protect the individual from himself or herself because of severe cognitive impairment.
• Medical Costs - Wondering what qualifies as a medical expense? For the most part, any item or service that is directly related to the individual’s medical care. This includes insurance premiums (health, Medi-care, long-term care insurance), glasses, hearing aids, oxygen, hospital services and many others that you may have not considered.
• Child and Dependent Care Credit - The person who wasn't physically or mentally able to care for him/herself and lived with you for more than half the year, may be considered your dependent for tax purposes and you may be allowed to itemize their medical costs that have not been reimbursed by insurance.

Dependent Care Qualifiers:

• The person who wasn't physically or mentally able to care for himself or herself must be claimed as a dependent on your tax return
• The dependent  must be unable to physically or mentally care for him or herself
• You must have earned income

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To learn more about these tax breaks click below on these IRS Publication links for additional information:

• IRS Publication 501: Exemptions, Standard Deductions and Filing Information 
• IRS Publication 502: Medical and Dental Expenses,
• IRS Publication 503: Child and Dependent Care Expenses 

This information is not intended as tax advice. Tax rules are complex and can change annually. We encourage you to fully explore this opportunity and seek the advice of your accountant or tax adviser before filing your returns.

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