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If you or a family member suffers from a traumatic brain injury (TBI), you likely have a burden of expenses.
These additional costs compound the emotional and physical toll that is already affecting you and your loved one’s quality of life.
As Tax Day approaches, it’s important to know that many of your medical and caregiving expenses may be eligible for deductions and tax credits.
Need help figuring out your itemized deductions? Use Schedule A (either Form 1040 or 1040-SR).
Gross income is a term that throws people for a loop. It’s considered your overall income before expenses, which is typically completely taxable.
However, there are certain forms of income that you can deduct from your annual taxable income. Some of these items include:
Despite these additional forms of income, many people suffering from a TBI — or those caring for the loved ones with a TBI — remain financially underwater.
When preparing your taxes, make sure to look closely at what benefits you can remove from your gross income. Doing so will lower the amount of taxes you owe, thus saving you money to continue TBI treatment.
Insurance doesn’t always cover the total costs of medical expenses. Whether you need to pay out of pocket for yourself, your spouse, or your dependents, those expenses can often be deducted.
For those suffering from a TBI, or caring for a family member with a TBI, you need to know which expenses you can recoup.
Federal tax law permits write-offs for medical expenses due to long-term care. This eligibility is for people who are chronically ill and under long-term care by a physician.
Of course, a severe TBI can result in a patient being chronically ill and in need of long-term care.
It is important to note that according to the IRS website, “you may deduct only the amount of your total medical expenses that exceed 7.5% of your adjusted gross income.”
If you or a loved one is suffering from a TBI, Moody Neuro can provide the personalized care you and your family need. Contact us today to learn more.
If your child, spouse, or other dependent with a TBI requires full-time care, you likely have additional caregiver expenses. Whether you are employed or using a caregiver’s services to find time to look for work, you may be entitled to a dependent care credit.
There is no age restriction when it comes to a taxpayer’s dependents who are not able to care for themselves. Meaning, even if you are caring for an adult child with a TBI, you may still be eligible.
As a caregiver for a family member or other dependent, you likely pay for several costs out of your own pocket. To help provide financial relief, some states have additional tax credits and deductions for caregivers.
If eligible, these specific tax programs will affect your federal tax credit. Taking these credits or deductions will reduce your taxable gross income.
It is important to note that these programs differ from state to state. The name of the program and the eligibility requirements will be different from one state to another.
Moody Neuro offers the care and support TBI patients and their families need to navigate recovery. Contact us today to learn more.
The care needed for those suffering from a TBI often requires long-term care insurance, as it can be considered a long-term injury.
If you have purchased long-term care insurance, your state may offer a tax credit or deduction. However, this will vary between different states.
For instance, some states require that a long-term care policy is qualified. You should look into your state’s specific eligibility requirements to know what tax benefits are available to you.
A TBI can affect your entire family’s way of life. Financially, physically, emotionally, and logistically — the care required for someone suffering from a TBI can take a toll.
Moody Neuro is dedicated to helping patients and their families with the personalized care needed to treat the unique challenges of a brain injury.
Contact us today to learn how we can provide the care and support you need.
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