Seniorcareonline - Elderly care services (2)

1
Senior Care Online What Should You Know About
Tax Credit for Caregiving Families?

• Website www.seniorcareonline.com

2
What Should You Know About Tax Credit for
Caregiving Families?

• Whether you are yourself a caregiver of your
  aging parents or have a hired a professional
  caregiver for the elderly, it poses a financial
  challenge that adds to the already growing list
  of family expenses. In the United States, nearly
  48 million families provide care to keep their
  loved ones (with special needs) safe and
  independent, as per the latest 2021 study,
  Caregiving in the U.S. 2020, conducted by
  National Alliance for Caregiving (NAC) and AARP.
• Finally, the American Association of Retired
  Persons (AARP) is going to make the life of
  unpaid caregivers a bit easier by providing
  much-needed financial assistance. Under the
  Credit for Caring Act, the federal tax credit of
  up to 5,000 will be provided to eligible working
  family caregivers. This financial support will
  help cover the entire or the majority of
  caregiving costs that families pay each year out
  of their pockets.

3
How The New Tax Credit Can Help Offset the Costs
of Elderly Care Service

• As per the bill, the new nonrefundable federal
  tax credit can help eligible working family
  caregivers enjoy a 30 percent credit for
  qualified expenses they pay or incur above
  2,000. This much-comforting credit can
  significantly offset the costs of Elderly Care
  Services, as well as home modifications, such as
  ramps and smart-home technology intended to make
  caregiving at home safer and easier.
• As a result, you can feel at more ease
  financially when it comes to seeking the services
  of professional caregivers.

4
Some Benefits Of The New Tax Credit

• 1. Increased access to Medicaid programs to make
  home care more affordable
• 2. Better pay for caregivers and more
  cost-effective care for seniors
• 3. Reduce the waiting time for Medicaid coverage
• Though there is still some time to see how these
  changes and proposals will unfold and help
  caregiving families, we can certainly say that
  hiring paid Caregivers for Elderly will soon
  become a more economical and attractive option
  even for low-income families.

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• Mail us at - info_at_seniorcareonline.com
• Call us (24/7) - 870-222-0457

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