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 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’ll 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’ll 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.
If you have a senior loved one who needs help maintaining a high quality of life while aging in place, reach out to Assisting Hands Home Care, a leading provider of home care Pearland families can rely on. All of our caregivers are bonded, licensed, and insured, there are no hidden fees, and we never ask our clients to sign long-term contracts.
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 into tax preparation can become complicated. Anyone who’s 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.
If you’re the primary family caregiver for an elderly loved one and need additional assistance providing high-quality senior home care, Assisting Hands Home Care can help. We are a leading home care agency committed to changing the way seniors age.
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’s required while getting the maximum tax return. In addition to seeking help with your loved one’s taxes, you may also be in search of an agency who can provide him or her with high-quality care. When researching agencies that provide homecare, Pearland families are usually looking for flexible care plans, compassionate and highly trained caregivers, and 24/7 availability. Whether you need respite care to take a break from your caregiving duties or your senior loved one needs around-the-clock assistance at home, you can rely on Assisting Hands Home Care. Contact us today for a complimentary consultation.
