Head of Household

Caring for an elderly relative? You may be eligible for tax breaks

Taking care of an elderly parent or grandparent may provide more than just personal satisfaction. You could also be eligible for tax breaks. Here’s a rundown of some of them. 1. Medical expenses. If the individual qualifies as your “medical dependent,” and you itemize deductions on your tax return, you can include any medical expenses …

Caring for an elderly relative? You may be eligible for tax breaks Read More »

5 possible tax aspects of a parent moving into a nursing home

If you have a parent entering a nursing home, you may not be thinking about taxes. But there are a number of possible tax implications. Here are five. 1. Long-term medical care. The costs of qualified long-term care, including nursing home care, are deductible as medical expenses to the extent they, along with other medical …

5 possible tax aspects of a parent moving into a nursing home Read More »

Your taxpayer filing status: You may be eligible to use more than one

When it comes to taxes, December 31 is more than just New Year’s Eve. That date will affect the filing status box that will be checked on your 2020 tax return. When filing a return, you do so with one of five tax filing statuses. In part, they depend on whether you’re married or unmarried …

Your taxpayer filing status: You may be eligible to use more than one Read More »