Know the rules for deducting assisted living expenses.
Tax season is here, and for many seniors and family caregivers of elderly loved ones, it can be a stressful time of year. No one likes to be hit with a big tax bill, and for elderly folks living on a fixed income, keeping costs down is crucial.
For seniors, deductions for certain medical expenses, including some long-term care and assisted living expenses, are among the biggest tax-saving opportunities. And in some cases, family caregivers of older adults can include related expenses in their own tax deductions.