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Peak Accounting Services, Inc.
8040 Soquel Drive
Aptos, CA 95003
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Ph: (831) 688-6481
Fax: (831) 621-1141
Personal Finance
We are dedicated to keeping clients abreast of the latest developments and tax-saving strategies. This section includes a library of hundreds of timely articles about business, taxes, finances, trends and the like. The articles are categorized by subject matter, which can be accessed from the links. Click on your topic of interest and find a wealth of information.ELDERCARE
As the life expectancy of our population increases, so do the many issues of providing care for the elderly. Spouses and children of the elderly are faced with difficult decisions in providing their care. This section is provided to assist you with eldercare planning. It gives you an idea of the costs involved, medical expenses that may be deducted, and tax-free resources that may be available. For topics that are not covered here or to request a referral to other professions providing eldercare services, please give this office a call.
- Caring for an Elderly or Incapacitated Individual
- With individuals living longer, we frequently find ourselves in the position of a caregiver for elderly or incapacitated individuals. Whether it be an incapacitated or elderly spouse, an elderly parent or even a child, there are tax implications that need to be considered and can relieve some of the financial burden associated with being a caregiver.
- Care for the Elderly
- When the elderly reach the point that they can no longer care for themselves, there are generally two courses of action available to the caregiver; (1) Provide for in-home care, or (2) place the individual in a care facility.
- Impairment-Related Medical Expenses
- Amounts paid for special equipment installed in the home or for improvements may be included in medical expenses, if their main purpose is medical care for the taxpayer, the spouse, or a dependent. The cost of permanent improvements that increase the value of the property may be partly included as a medical expense. The cost of the improvement is reduced by the increase in the value of the property. The difference is a medical expense. If the value of the property is not increased by the improvement, the entire cost is included as a medical expense.