Though preparing taxes is different for everyone, there are a few additional things that need to be taken into consideration for those over the age of 65. Now that tax season has come once again, family caregivers in Chandler may need to help their senior loved ones get organized so they can receive the best return possible. Here are a few tips to help you get started.
Become a Financial Sleuth
When it comes time to help your loved one with taxes, you will need to start thinking like a detective. Unless your loved one has been diligent about keeping his or her expenses and income organized throughout the year, you will likely have to access his or her financial accounts and receipts. Try to broach the subject as early as possible to avoid the stress of a looming tax deadline.
Understand What It Means to Be a Dependent
Claiming a dependent becomes a little more complicated as an individual gets older. Even if your loved one lives in your home or a home you pay for, he or she might not qualify as a dependent. Tax laws state dependents must get more than half of their support from you, which includes rent, food, medication, and transportation.
Deduct Qualified Medical Expenses
Seniors who are spending a lot on medical care might be able to use those expenses as deductibles. This includes vision, dental, and general health. Your loved one might also have nontraditional deductibles throughout the year, such as acupuncture or even the use of an air conditioner if he or she has respiratory problems.
Check If There Are Tax Breaks for Caregiving
Factoring at-home care in Chandler into tax preparation can become complicated. Anyone who is providing physical or financial help for an elderly loved one’s care should keep a record of anything they spend. This information can be vital to both yourself and your loved one due to potential deductions.
Speak with a Specialist
Tax season can be especially difficult for older individuals receiving help from multiple sources, spending a lot on medical expenses, or living in multifamily homes. This is why it might be beneficial to speak with a tax specialist before submitting your loved one’s forms. These professionals will ensure both you and your loved one pay only what is required while getting the maximum tax return.
Even if your loved one’s finances are in order, he or she may be facing health-related challenges that can be alleviated with the right assistance. Home Care Assistance can help. Our expertly trained caregivers can assist your loved one with a wide variety of daily tasks, including exercise, cooking, grooming, and medication reminders. We also offer comprehensive Alzheimer’s, post-stroke, and Parkinson’s care in Chandler. For more information and to schedule a no-obligation consultation, call one of our experienced Care Managers at 480.448.6215 today.