IRS provide a lot of tax credits to the disable person or the parents of a disabled child. Following are the tax credit details:
- Higher Standard tax deductions for a blind person
- Payments which are given to the disable such as Veterans Administration disability benefits, and Supplemental Security Income are not considered part of the gross income. Tax is levied on gross income and not on the disability payments.
- Employees, who are physically impaired, get the impairment related work expense. The expenses must be necessary for the taxpayer to work.
- Tax credit is provided to people who are of age 65 or older. Tax credit is also provided to people who are under 65 years of age but have some disability.
- Tax payers who are paying someone else to take care of their disable child or spouse can claim the tax credit known as Child or Dependent Care Credit. There is no age limit if the taxpayer’s spouse or dependent is unable to care for themselves.
- EITC or Earned Income Tax Credit is available for both disable person and the parents of a disable child. If a person retires for a disability, you can receive the employer’s disability retirement plan. EITC not only reduces the liability of taxes on a tax payer but can also lead to tax benefits. Many working individuals with a disability who have no qualifying children, but are older than 25 and younger than 65 qualify for EITC.
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