Tax Tips for Caregivers

Caring for an older adult can affect a taxpayer’s finances in a variety of ways. Discover how tax laws can impact caregivers, and learn how to take advantage of the credits, deductions and exemptions that you and your family qualify for. Updated for the 2015 tax year.

Getting Started

Essential Tax Steps for New Caregivers Prepare yourself and your loved one for tax season by taking a few essential steps.
5 Things to Do Before Dec. 31 to Reap Tax Benefits Moves to make before the end of the year that can lower your tax bill.
Top 10 Caregiver Tax Questions Answers to the 10 most common tax questions facing those caring for an older adult.

Claiming a Dependent

Can I Claim My Elderly Parent as a Dependent? Caregivers might be able to claim their parent as a dependent, and save money on taxes – if you meet certain criteria.
How Claiming an Older Adult as a Dependent Affects Your Taxes Claiming a dependent can have major financial consequences. Here are the factors to consider before claiming an older adult.

Gift and Estate Taxes

Gift Tax Q and A for Family Caregivers Gifts can impact the finances of both givers and receivers. Discover the answers to 5 key gift tax questions.
Estate Tax Q and A for Family Caregivers Taxes are an important element to consider when planning an estate. Discover the answers to 5 key estate tax questions.
Death and Taxes: The Tax Effects of an Elder’s Passing Death has a major effect on the taxes of the deceased and their immediate family. Learn how to file a tax return for a recently-deceased loved one.

Additional Information and Tips

Tax Credits and Deductions for Older Adults and Caregivers Four key tax benefits to keep in mind when caring for an older adult.
What You Need to Know About Itemizing Medical Expenses Adding an older adult's medical expenses to your itemized deductions could save you a significant amount of money on taxes.
Can You Use an FSA to Cover an Older Adult's Care? As the end of the year looms, discover whether you can use the excess money in your flexible spending account (FSA) to pay for an older adult's medical expenses.
Tax Rules for Social Security Benefits Are Social Security benefits taxable? The answer depends on a few important factors.
How Hiring an In-Home Caregiver Can Affect Taxes Hiring a home health aide to take care of an older adult can impact a family's tax bill in surprising ways.

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