february 2007
Tax Advice for Parents of Blind & Disabled Children
Raising a child is a full-time job—but it doesn't pay so well! Throw a disability into the mix and you're looking at lost time from work, expensive medical bills, and special equipment or supplies.
Fortunately the U.S. government is at least a bit understanding when it comes to your taxes. There are quite a few deductions and benefits you can claim on your taxes that, in the long run, could save you a few hundred or even a few thousand dollars.
Disclaimer: We are not tax experts and tax laws change almost every year. Before following any of the advice below, be sure to consult with a real accountant or tax preparer. All we're trying to do here is let you know that there are deductions and benefits out there for you to look into.
Look for these Deductions on your next taxes...
- Books and supplies related to your child's disability.
- Tuition for special schools designed to teach disabled children.
- Tutoring fees for teachers or specialists trained to teach disabled children.
- Other therapies not covered by your insurance like speech therapy, aqua therapy, or occupational therapy.
- Travel expenses (airfare, rental car, hotel, etc) for trips related directly to your child's disability, such as a medical trip or even a trip to attend a conference.
- If your medical expenses exceed 7.5% of your total income (and, with a disabled child, they often do), suddenly your entire family's medical becomes tax deductible! This includes insurance premiums and prescription drugs, but not co-pays. Here's a simple article explaining the details.
So save those receipts and start saving! Hope this information helps you get a little bit of that money back sp you can take better care of your disabled child.