This guide is designed to make the downsizing process as simple as possible for aging adults and their loved ones. It will help you prepare for the transition, as well as offer advice to loved ones on what they can do to help. Keep the lines of communication open, take it one step at a time, and don’t rush into anything before you’re ready.
The federal government postponed the date to file 2019 federal income tax returns to July 15, 2020. Many tax professionals advised their clients to wait to file their returns until the last minute. With the due date right around the corner, we wanted to make our readers aware that senior care costs may be tax deductible. For the 2019 tax year, there are two broad programs under which senior care costs may be tax deductible, the Federal Tax Credit for Other Dependents and the Dependent Care Deduction. This post will explain at a high level what these two programs are and how a family may qualify for them. To determine whether it’s better to file under one program or the other, consult your tax professional.