Maximize Your Tax Benefits: Support a Dependent Parent and Save

ARTICLE | December 19, 2024

Authored by Vasquez + Company

If you're supporting a parent financially, you could be eligible for significant tax breaks. This article provides an in-depth look at how you can claim these benefits, including a $500 tax credit, head of household filing status, and medical expense deductions. Learn about the requirements, how to qualify, and maximize savings through proper planning and documentation.

Key Points:

• Tax Credit for Dependent Parents: Qualify for a $500 credit if your dependent parent meets the gross income test.
• Head of Household Filing Status: Save on taxes by claiming HOH status if you support your parent.
• Medical Expense Deductions: Deduct medical costs paid for your parent, including insurance premiums and co-pays.
• Eligibility Requirements: Understand the gross income test and support criteria to qualify for these benefits.

For more details, read the full article here.

Our firm provides the information for general guidance only, and does not constitute the provision of legal advice, tax advice, accounting services, investment advice, or professional consulting of any kind. The information provided herein should not be used as a substitute for consultation with professional tax, accounting, legal, or other competent advisers. Before making any decision or taking any action, you should consult a professional adviser who has been provided with all pertinent facts relevant to your particular situation. This article is not intended to be used, and cannot be used by any taxpayer, for the purpose of avoiding accuracy-related penalties that may be imposed on the taxpayer. The information is provided “as is,” with no assurance or guarantee of completeness, accuracy, or timeliness of the information, and without warranty of any kind, express or implied, including but not limited to warranties of performance, merchantability, and fitness for a particular purpose.