YAHOO FINANCE: 8 Tax Tips for People With Disabilities (and Their Caregivers)
Statistics show that one of every five adults living in the U.S. have a disability. Regardless if they're working or not, people with disabilities and their caregivers usually have higher daily living and medical care costs. The tax code allows some of these costs to be deductible. This article gives some tax strategies for people with disabilities and caregivers to consider:
- Open an ABLE account
- Opt for a higher standard deduction
- Obtain child and dependent care credit
- Seek the disability credit
- Claim a person with a disability as a dependent
- Deduct medical expenses