Supporting a parent could cut your taxes
If you provided more than half a parent’s support in 2013, you may be entitled to a $3,900 dependency exemption. If other family members helped to provide support, you can use a “multiple support agreement” to decide who gets the exemption for 2013. Paying a caretaker or paying for a parent’s medical expenses might qualify for a tax credit or deduction. For details, contact our office.
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