Taxes - a primer

This is meant to help you start the conversation with your tax preparer. I am not a tax expert

Tax season is upon us and I wanted to share a couple of resources that may make your life easier. You'll want to bring these up with your tax professional if you think they apply to your situation.

1) Certain payments you receive from a Medicaid Waiver to provide care to your child could be tax-exempt. Meaning you don't have to pay any income tax on them. Here is a link to the IRS FAQ.

2) Here are some other examples of what may be considered qualified medical expenses if you have a disabled child that you may not have considered. This is not all-inclusive, check with your tax preparer for anything not on this list. Source - IRS Publication 502.

     a) Home modifications (i.e. wheelchair ramp)

     b) Modifying your vehicle (i.e. hand controls)

     c) Diagnostic devices (i.e. diabetes blood test kit)

     d) Guide dog or other "Service" (not emotional support) animal

     e) Special home for someone with IDD

     f) Lifetime care prepayment for a child with a disability

     g) Medical conferences 

     h) Special Education

3) Here's a link to an interview I did with Brandon Layo, CPA about Taxes and Special Needs.