There are many rewards for taking care of an elderly relative. They may include feeling needed, making a difference in the person’s life and allowing the person to receive quality care. In addition, you could also be eligible for tax breaks. Here’s a rundown of four of them: 1. Medical expenses. If the individual qualifies
medical expenses Archives - Crawford Ellenbogen
You may be entitled to tax breaks if caring for an elderly relative
- By Joan Ellenbogen
- Taxes
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IRS to employers: Only medical expenses qualify for tax-advantaged accounts
- By Joan Ellenbogen
- Business
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The IRS recently issued a news release (IR-2024-65) warning that only qualified medical expenses are eligible for deductions or reimbursements from tax-advantaged accounts or arrangements. Personal expenses for “general health and wellness” aren’t. The news release specifically addresses health Flexible Spending Accounts, Health Savings Accounts, Health Reimbursement Arrangements and Medical Savings Accounts. The tax agency
Feb 2, 2021
Reduce gift and estate tax exposure by making direct payments of tuition and medical expenses
- By Joan Ellenbogen
- Estate, Financial Planning
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Now that the gift and estate tax exemption has risen to $11.7 million for 2021, you may be less concerned about these taxes. But if you have children or grandchildren in college or with medical expenses, you may want to take advantage of the exemption for direct payments of tuition and medical expenses. It can