As a caregiver, you may be eligible for various tax benefits including deductions for medical expenses and potentially claiming your loved one as a dependent. It's important to consult with a tax professional for advice specific to your situation, as tax laws can be complex and change frequently.
Important: Consult a Tax Professional
Tax laws are complex and vary based on individual circumstances. This information is general in nature and should not be considered tax advice. Always consult with a qualified tax professional or accountant for advice specific to your situation.
Potential Tax Benefits
Medical Expense Deductions
You may be able to deduct qualified medical expenses that exceed a certain percentage of your adjusted gross income. Keep detailed records of all medical expenses.
Dependent Care Credit
If you meet certain requirements, you may be able to claim your loved one as a dependent, which could provide tax benefits.
Home Modifications
Some home modifications made for medical reasons may be deductible as medical expenses.