Caring for Aging Relatives? Don’t miss out on these tax breaks.
Did you know that nearly 8 in 10 caretakers have out-of-pocket expenses, and they spend an average of $7,242 per year, AARP reports. However, there may be federal and state tax breaks to help ease the burden, financial experts say. The article below from CNBC highlights available tax breaks that can assist care giving families. Click here to read the article: https://www.cnbc.com/2021/09/02/caring-for-aging-relatives-can-be-costly-these-tax-breaks-may-help.html?fbclid=IwAR3fjJ4dZWK12Io1f-GlsQGixLhr0jF5kKdhU3Gp5nhRF5NuLyqCBloUtzw
Every year, 4.1 million New Yorkers assume the role of caregiver at some point, providing more than 2.6 billion hours of direct, hands-on care to loved ones. There are many resources available to support those caregivers, who are making a profound difference in the lives of those they care for. TOI offers services and programs to support caregivers and their loved ones. To learn more, call our NY Connects office at 607-687-4120 or visit https://aging.ny.gov/programs/caring-loved-one.