Many?families?in the Fort Walton/Panama City area are faced with the high costs of ?providing care for their senior loved ones. Often times these costs are coming right out of a families pocket to pay sitters for their assistance in helping to care for an elderly parent.
Due to the economic downfall that has occurred over the past few years, these families are?struggling?already financially. Finding the?sufficient?funds needed to provide appropriate long-term care?for a senior parent is?burdensome both for seniors and caregivers.
Families have been hit hard financially by the economic down fall?plaguing?the US and it has become even more difficult to afford a sitter for mom or dad. In the past, deductions for medical expenses spent on personal care and supervision paid out by the senior and family members of Fort Walton/Panama City have been?nonexistent?in end of the year tax filing. A recent court hearing may have just opened the door for those providing long-term care for seniors.
Here is a summery of what this tax ruling means for you!
Consult with your tax advisor regarding tax deductions for long-term caregiver expenses
The tax court ruling noted that personal care and supervision was necessary for medical reasons, as determined by the woman?s physician.
The tax court ruled that the salary for the woman?s personal caregivers was a tax deductible medical expense!
In this ruling, the chronically ill patient was diagnosed by her doctor as suffering from dementia and the physician determined that 24-hour assistance and supervision was necessary for medical reasons.? The woman had frequent hospital stays due to failure to take prescribed medications, was unable to follow medical instructions, and was determined at-risk of falling. The long-distance family member hired a team of 24-hour caregivers to assure the woman?s safety, to assist her in following medical instructions, and to ensure that she was eating and resting properly.
These are steps that we all follow when seeking the services of professional caregivers for our loved ones when we are unable to be there ?round-the-clock! An appointment with your family tax advisor can help you determine if this ruling has information that is applicable to your own family?s senior care plan and caregiving services . ?You may wish to reference the following site for more information on this ruling, please reference the U.S. Tax Court ?Estate of Baral? for a more in-depth look. Related articles: Eldercare issues clarified by Tax Court?(dontmesswithtaxes.typepad.com) Birth of a Child?(turbotax.intuit.com)
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We hope this was helpful. If you have any questions or if you know of a senior that could benefit from our vast array of home care services in the Emerald Coast area , please call us in Fort Walton at 850.243.6464, Panama City at 850.522.1919, or email us. We accept most long term care insurance as payment and have a full time staff of over 150 trained and certified home care personnel covering the?Fort Walton Beach, Panama City and Destin, Florida areas. Sourced from:?Home Instead Content Library
Source: http://emeraldcoast.myhomecareblog.com/2011/08/fort-waltonpanama-city-family/
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