Name
Income Tax Planning for Special Needs Families: Medical Expense Deductions, Credits, and Financing Strategies
Date & Time
Thursday, March 27, 2025, 1:30 PM - 3:00 PM
Description

This session will focus on maximizing income tax deductions and credits for families caring for individuals with special needs. We will explore items deductible from adjusted gross income to determine taxable income, explicitly emphasizing the expanded medical expense rules under recent legislation. Participants will gain insights into managing timing issues and addressing unique considerations for itemized deductions and expanded credits introduced by the Tax Cuts and Jobs Act and other recent reforms. Additionally, the session will examine financing strategies related to medical expense deductions, such as retirement plan distributions and home equity loans, and the implications of the tax benefit rule. We will also explore the interaction between medical expense and home equity deductions, offering practical tax planning solutions for professionals working with special needs families.