Ask your tax advisor whether you can claim your parent as a dependent on your taxes. There are some hurdles to qualify for this deduction -- you have to be able to show that you pay at least half of your parent's yearly expenses -- but if you and your parent do meet the requirements, you can reduce your taxable income by $3,300 and claim a range of deductions including a portion of your parent's medical and living expenses, as well as the costs of nursing home care.