It’s hard enough caring for the needs of an elderly loved one. So why add to your stress level by worrying about the tax implications involved?
While each situation is different, having knowledgeable professionals on your side is a great way to get your taxes in order and relieve some of the financial burden. Just knowing what deductions you’re eligible for and what tax breaks are available can go a long way toward making your life easier.
Did you know? If you had to renovate your home to make it handicapped-accessible, many of those expenses may qualify as tax deductions. In fact, a number of property improvements typically related to eldercare do fall under the heading of deductible special equipment costs, including adding handrails or grab bars, modifying stairways, installing entrance ramps, and more.
When you’re hiring outside help to handle some of the day-to-day care, the tax rules can get tricky. In that case, there are special steps you can take to simplify payroll tax withholding and reporting requirements for household employees. Whatever your specific circumstances, the tax issues of caring for elderly parents or other family members are just too much to handle alone.
If anyone deserves a little TLC with tax obligations, it’s you. Let the experts at Taxation Solutions, Inc. take great care of your eldercare tax questions. We’re here to help with all of your pressing tax problems in Atlanta and beyond.