Caregiving is expensive. Almost 80% of caretakers have out-of-pocket expenses, and they spend an average of $7,242 per year to cover them. Fortunately, there are federal and state tax breaks that can help family caregivers cover the cost of care.
You can list a “qualifying relative” as a dependent on your tax return, if:
If you care for an aging loved one, you can write off:
Workplaces may have Dependent Care Flexible Spending Account (FSA) benefits, which reduces an employee’s gross income by designating up to $10,500 for care expenses.
You may qualify for a stimulus payment, even if you didn’t claim your loved one as a dependent in 2020.
Ready Set Care cares for the Carer
Ready Set Care is creating a community to provide guidance for anyone caring for an aging loved one.
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