Tax Breaks
If you're supporting an elderly parent, you may qualify for some tax relief. As a caregiver, you might be able to claim your elderly parent as a dependent on your taxes. You might also be able to deduct your medical expenses.
IRS Publication 501 gives details on dependency requirements, including caregiver income phase-out levels. In addition, you must be providing over half of their financial support for food, housing, medical, transportation, etc.
If the person lives with you, include a reasonable percentage of your mortgage, utilities and other household costs in determining your level of support. Those who are in an assisted living or long term care facility can qualify as dependents if the income and support levels are met.
To learn more:
Get information from the IRS website
Read an AgingCare.com article on tax breaks for caregivers
Counseling for the Elderly
The Tax Counseling for the Elderly (TCE) Program provides free tax help to people age 60 and older. Trained with IRS materials and certified by an IRS examination, a network of volunteers provide tax counseling and basic Federal income tax return preparation services at community locations across the nation. Many of these community locations also offer free electronic filing services.
To learn more, call 202-283-0189 or visit the IRS website.