Lak Bhaskar CPA

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Medicaid makes waiver payments to those who care for disabled individuals and thus saves the government from caring for these individuals in more expensive institutions. These payments can be excluded from taxable income In addition, these payments, even though excluded from income are treated as earned income for purposes of claiming the earned income tax credit if the caregiver is otherwise qualified.

Are You Caring for a Disabled Family Member? Read This. Many taxpayers prefer to care for ill or disabled family members in their homes as opposed to placing them in nursing homes, but doing this can be expensive, time-consuming, and exhausting. The government also recognizes home care as a means of reducing the government’s costs in terms of caring fo...

Lak Bhaskar CPA - Some Saturday business knowledge for our friends and colleagues.

End of week tax fact from Lak Bhaskar CPA