Friday, March 14, 2014
- Estate planning attorney fees- Some of your legal fees may be deductible.
- Medical Expenses - You have to itemize and deduct expenses that exceeded 7.5% of your adjusted gross income.
- Caregiver deductions- If you are caring for a relative, you might be able to claim tax deductions or credits for medical expenses.
- Parental deductions- If you are caring for a parent you may claim your parent as a dependent on your income taxes which would give you a $3,950 exemption.
- Long-term care insurance premiums- Premiums for long-term care are deductible for the taxpayer, his or her spouse, and other dependents.
- Social security benefits
- Real estate taxes - Do not forget you can increase your standard deduction of your real estate taxes.
- Home sale exclusion
- Elderly or disabled tax credit- Low-income elderly may be eligible for a special tax credit.
See Evan Farr, Don't Forget These Often-Overlooked Tax Deductions, Everything Elder Law, Mar. 6, 2014.
Special thanks to Jim Hillhouse (Professional Legal Marketing (PLM, Inc.)) for bringing this article to my attention.