When it comes tax time many seniors have such a simple tax filing to do that they often rely on community services to assist them. This is a good thing but it is also important that they follow the guidelines that we have written about in the past regarding who they are giving their pertinent information to. Even with simplified tax returns it is important that the tax preparer is aware of all the potential credits that the senior may be eligible for. For example, a senior who owns their home and pays taxes may be eligible for the homeowner’s property tax grant.
Most often it is other family members that take on the responsibility of looking after the needs of the elderly family members. Most families live a hectic lifestyle and don’t always have the chance to check out what kind of support help may be available to them to help them with this responsibility. Often families will pay for extra costs that the senior may be faced with when there are government programs that may be in place to assist them.
You may feel that your senior is quite capable of living in their own home, but you are uncomfortable with the condition it is in regarding some safety issues. You may be thinking of having some renovations done to improve the situation . Before doing this you may want to check out the healthy homes renovation tax credit. If you happen to live with the senior you may be eligible for the credit. If you meet the criteria you may be able to claim up to $10,000. worth of the costs you incur to make the acceptable changes . Before starting any of the renovations be sure to check out what the requirements are to qualify, and what is approved as renovations.
Another small incentive is having the annual drug disability charge waived. If the senior is within the lower income bracket they may not have to pay the yearly $100. deductible.
Your senior may be pretty self sufficient, but also requires some extra care. You will want to check out what qualifies as attendant care and see if there is anything within this program that your older individual can take advantage of. There are many different services that may qualify under the attendant care program that will qualify as a tax incentive.
It can get complicated when it comes to claiming attendant care and medical expenses. If this is a substantial amount that you are dealing with then you would be wise to consult an accountant for help with the tax return. There could be different options available to you for how you claim, and which one you choose could have varying effects on the bottom line of your tax return.
