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Are you caring for aging parents? If so, you’ll want to know about the adult dependent exemption

$225.00

SKU: FOCfm103. Category: .

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Abstract: Many in their 40s and 50s find themselves caring for children and aging parents while worrying about their own retirement. The combination of these factors can create a substantial burden on personal finances. The adult dependent tax exemption may help, if one qualifies — that depends on the income of both the taxpayer and his or her parents. Even if one doesn’t qualify, it still may be possible to deduct some medical costs. A sidebar discusses long-term care insurance.

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