As a senior, you have the unique opportunity to explore several creative avenues that could lighten your financial load especially when it comes to senior living. While long-term care insurance and Veterans Aid and Attendance benefits are great resources for offsetting costs, there may be more options available such as community waivers – allowing you to enjoy all of life’s luxuries without worry.
From increased medical expenses to home care, costs for senior living can add up. Fortunately, Uncle Sam may be able to lend a helping hand. Explore potential tax deductions you could qualify for by consulting with your accountant or financial advisor – it’s an easy way that loved ones and their families can start trimming those bills!
Independent Living
If you’re looking for a tax-advantaged residence in your later years, consider residing in a Life Plan community. These special retirement communities offer the benefit of independent living expenses that may be deductible from taxes – something not widely available at traditional senior living facilities.
Visiting home care nurses and caregivers provide a vast range of skilled medical services from wound-care to medication management, which can now be written off on your taxes. Make sure you take advantage of this tax break for any pertinent in-home care expenses!
Assisted Living
If you or your family member is living in an assisted living facility in Myrtle Beach, there may be some of the associated costs that can be written off! To qualify for these itemized deductions on medical services, certain requirements must first be met. Making sure you know what those are could allow additional tax savings when filing season rolls around.
To ensure quality of life and healthcare, assisted living residents must meet certain criteria. Physicians or nurses assess whether each resident can independently perform two necessary tasks for daily functioning: activities such as grooming, eating, walking, transferring to different areas -without the help of a caretaker- or requires oversight due to mental deterioration.
In order to provide tailored support and the highest quality of care, we ensure each assisted living resident has an individualized plan that outlines their specific needs and preferences. This personalized approach allows them to confidently meet unique requirements for every one of our residents.
Medical costs, like those associated with living in assisted care facilities, can be deducted from taxes if they exceed 7.5 percent of the taxpayer’s adjusted gross income – meaning potentially up to 100% of a person’s monthly fee could qualify for deductions!
Memory Care
Memory care expenses may be tax-deductible with the same qualifications as those for other assisted living costs. Don’t miss out on a potential savings opportunity when it comes to medical spending – make sure you know your taxes!
Residents of a memory care community have already satisfied the cognitive decline requirement, and their living situation is further supported by detailed personalized plans set in place to ensure individuals receive individualized supervision and services.
Individuals with high medical expenses can benefit from a generous tax deduction—if those costs exceed 7.5 percent of their adjusted gross income, they may be able to deduct them!
Skilled Nursing
Taxpayers have the opportunity to recoup a portion of their medical expenses if those costs exceed 7.5% of their adjusted gross income!
When living in a skilled nursing facility for medical care, the entire cost can be deducted from your taxes as an eligible medical expense. Medicare does not cover all of these services but you may still qualify to save money on this important care.
Adult Children
It is important to note that adult children who pay for a loved one’s care can also be eligible to deduct those medical expenses on their tax returns. If your loved one is considered your dependent, you are eligible to claim their medical costs on your taxes when they meet the requirements of having a care plan and needing supervision.
In order to be thought of as a dependent, your loved one’s gross income must not exceed $4,300 in 2021. However, this should not include any Social Security benefits they may receive since that is typically excluded from the Internal Revenue Service’s test limit for dependents which can fluctuate year-to-year.
Other Things to Keep in Mind
Claiming medical expenses on your tax return may seem like a daunting task, but with advanced preparation and expert advice from an accountant or financial advisor, you can ensure that the process goes smoothly. Planning ahead will also save valuable time at the end of the year when dealing with complex regulations; staying up-to-date on changes in the law is key to maximizing deduction opportunities.
We are here to make your journey toward tax-deduction opportunities as smooth and stress-free as possible. Our team of experts is dedicated to providing residents and their families with guidance, ensuring that all the right decisions are made along the way.
Call Reflections Assisted Living at Carolina Forest now and let us help you find the best home for your aging loved one.
Like our Facebook page for more great info about assisted living.
Reflections Assisted Living at Carolina Forest
219 Middleburg Dr
Myrtle Beach, SC 29579
(843) 903-0700
https://www.reflectionsassistedliving.com/