Dr. Friday shares tax tips for baby boomers supporting their parents. While dependent exemptions are unavailable, you may qualify for a $500 credit. Explore other deductions, like medical expenses, to maximize your return. Plan wisely to reduce your tax burden while caring for loved ones.
Transcript:
G’day, I’m Dr. Friday, President of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com.
This is a one-minute moment. Are you supporting your parent? Growing numbers of baby boomers are supporting their parents. If you’re among that group, you may qualify for some valuable tax brackets. As part of the law eliminating dependent exemptions in 2018 through 2025, taxpayers will no longer have to be able to claim their parent as a dependent.
However, the Tax Cuts Jobs Act does allow you to get a $500 credit for your parent on the tax return, assuming that they’re not being claiming themselves on their own personal taxes. There are medical ways that you help them. There are other ways. So make sure you’re looking at that when completing your taxes. Need help? 367-0819.
You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 FM. Thank you. WTN.