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Caregivers Should Consider These Tax Breaks

May 30, 2021

From the Kiplinger website

There are plenty of ups and downs if you’re caring for an elderly parent, disabled spouse or another adult family member. On the one hand, making a loved one’s life better can be rewarding. On the other, the time and effort it takes can wear you down. There are financial costs as well. For instance, you may be paying all or part of a family member’s medical or daily living expenses. Plus, you might be losing income because you can’t work—or work a full schedule—while caring for them.

Some organizations will help you cope with the emotional toll of caregiving. But what about assistance with the financial impact? That’s where Uncle Sam steps in with a collection of federal tax breaks, some of which have been enhanced for this year. You won’t necessarily qualify for each one, but you should at least check them all out.

Here are the basics.

From → Finance

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