Senior Citizen’s Medical Expenses – Are You Maximizing Your Deductions?
Posted onDid you know that some of the costs associated with living in a senior’s assisted living home can be claimed as a medical expense? The cost of assisted living for seniors can be quite high. A lot of seniors living in these facilities need to have higher income levels to pay for these wonderful accommodations, which ultimately results in more tax paid.
In addition to these expenses, there is sometimes a need for home care or companions. For example, a person with dementia or Alzheimer’s may live in a nursing home but may also benefit from having a companion or personal attendant with them daily to assist with every day tasks such as meals/eating, dressing, running errands, ongoing monitoring, etc. These types of patients require more assistance than the nursing home can offer, leaving them feeling lonely and confused. Having a companion with them daily can help reduce their anxiety levels. As you can imagine, the costs of living in a nursing home and having a personal attendant can quickly add up to tens of thousands of dollars each year. However, in some cases, both costs can be claimed as medical expenses on their personal tax return. Our team has experience with this type of situation and understands the type of tax credits and deductions available for seniors.
Many senior citizens rely on close family or other inexperienced persons to prepare their personal tax returns each year. We found that in many cases this is due to the misconception that having your personal tax returns prepared by a professional accountant is expensive. Not only are we a reasonably priced firm, but we offer top notch service and are highly trained experts in our field. Recently we used our expertise to save a senior couple $8,000 in tax on their 2017 returns.
If you would like to know more about how to maximize your deductions and tax credits, please contact our office and we would be happy to meet with you and prepare your personal tax returns.