One of the biggest concerns individuals have when it comes to senior living in Oklahoma is the overall cost of assisted living. Finding affordable assisted living in OKC may seem impossible, but when you look at it from all angles, you will find the value is there. Not only will your loved one get the attention they need to live a healthy, safe life, but there may also be tax deductions they may qualify for, making the cost even more affordable.
If you’ve ever had high medical costs in a given year, such as for the birth of a child or a major surgery, you likely know you can deduct some or all of those medical costs when you file your taxes. The same is true for your aging loved one. When you’re considering the cost of assisted living, make sure you think about the tax deductions available so your loved one can get the most out of their money. Certain payments made to a long-term care facility will qualify for this deduction. Make sure you talk to a tax professional to ensure you are getting the most out of the money you pay for senior living in Oklahoma.
Most people are aware they qualify for deductions when their children are young and living in the family household. However, most also understand these deductions end when your children become independent, get jobs and move out on their own. What many people don’t realize is caregivers can qualify for dependent credits when caring for aging loved ones or providing a certain amount of their financial support. If you are paying for at least half of the cost of assisted living, your loved one may qualify as your dependent, allowing you to file for certain dependent tax deductions on your own taxes.
When considering affordable assisted living in OKC, you should understand the deductions and how they work, along with seeking the help of a tax professional. The exact amount of your tax deduction will vary based on your adjusted gross income. Once you determine the threshold for tax deductions, you need to determine what expenses qualify. Some of the assisted living costs that qualify include:
Remember, assisted living costs won’t be entirely deductible because they aren’t medical, but tax deductions can help alleviate the overall costs.
Senior living in Oklahoma may not seem affordable, but when you consider all the factors, you will realize the expense is worth it to ensure the health and safety of your loved one. Understanding who qualifies for tax deductions and which ones you qualify for will help you make the most of your investment in your loved one’s care as they get older.
If you’re looking for affordable assisted living in OKC, contact us. The Village at Oakwood can help you get the best care you can buy.