Caregiving-related tax deductions can help lower your taxes and maximize your refund. If you’ve been caring for an older adult, use Shannon Listman’s 7 smart tax tips for caregivers to find as many deductions as possible.
If you’re caring for an older adult, tax time is probably making you wonder which deductions you can take and whether or not you should claim them as a dependent.
There are 7 tips that will help you maximize your caregiving tax deductions. Keep in mind, it’s always recommended to consult a tax professional about your specific situation.
1. Save all caregiving-related receipts
One of the most important things to do is document all your expenses. This includes medical bills that are not covered by insurance, transportation expenses for doctor’s appointments, and even home modifications that are medically necessary.