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IRS Tax Breaks For Senior Caregivers
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Millions of adult children find themselves looking
after aging parents. Tax laws offer some help, as long as you and
your folks meet the criteria.
The key to Internal Revenue Service assistance in caring for an
elderly relative is whether you can claim the person as a
dependent. Any dependent must meet certain tests. While there is a
little flexibility when dealing with children, fewer exceptions
are granted when the potential dependent is older.
Despite the qualification obstacles, it
doesn't hurt to explore whether you can claim your parent as a
dependent. If you and your parent meet IRS requirements, you'll
be able to claim an added personal exemption on your income tax
return. This filing season, each exemption allows you to reduce
your taxable income by $3,500.
Then there are possible deductions and credits. If you pay
medical expenses for a dependent parent, you may be able to
deduct some of those costs. Hire a caregiver to help you out and
a credit could cut your tax bill a bit more. Continue
IRS Tax Breaks For Senior Caregivers >>>
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TurboTax Deluxe Federal + State + eFile 2008
TurboTax Deluxe helps find and maximize
deductions. The software includes all the
features in TurboTax Basic and guides customers
step-by-step through mortgage interest,
charitable contributions, education expenses,
medical expenses and more. Not only does
TurboTax Deluxe show taxpayers how to qualify
for deductions, it also tracks how much they
have saved. The software also includes
ItsDeductible--the "bluebook" for donated items
that helps accurately value your donations in
compliance with IRS guidelines. Does all the
math and tells you if you qualify to deduct
medical expenses for maximum tax savings.
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J.K. Lasser's Your Income Tax 2009: For Preparing Your
2008 Tax Return
J.K. Lasser's Your Income Tax 2009--the nation's
all-time top-selling tax guide--is a proven,
accessible resource with important strategies, useful
recommendations and of course, all the latest tax law
changes. With over 39 million copies sold, Your Income
Tax 2009 is the #1 choice for taxpayers around the
country.
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Stand Up to the IRS For most honest citizens,
there's probably nothing more intimidating than being
called in for an audit with the IRS. In Stand Up to
the IRS, tax attorney Fred Daily shows you what you
need to know to prepare for and survive an audit.
Daily explains how the IRS works and offers advice on
everything from who should attend the audit with you
to strategies on protecting your assets from the IRS. |
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