As we grow older, we become independent and learn to handle things on our own. However, in our golden years, independence becomes complicated and easy tasks may become difficult to accomplish alone. Concerned adult children want to relieve their aging parents of burdensome tasks. One such task is about to commence: tax season.
If you’re an adult child helping out your aging parents, learn a few steps you can take to help make filing taxes easier for them.
Organize Their Records Before Tax Season
The most common mistake that any person runs into with their taxes is organizing financial records. The IRS recommends keeping all records in one place. If your aging parents have a central location for storing their documents, you’re a step ahead of the pack. If not, assist your elderly parents by organizing their financial records and creating a secure place for them before tax season. By the time you need to file, their records will be all in order and easy to find.
Related Article: What Should I Do If I Missed The 2021 Tax Deadline?
Know Tax Rules Ahead of Time
Are your parents claiming dependents on their taxes? Who qualifies as a dependent? Do they have depressed valuations? Ensure you have the answers to questions like these before filing a tax return for your aging parents. Major deductions, such as claiming dependents, can make a significant impact on your tax refund. If you’re unsure about who qualifies as a dependent for elderly parents, consider using the IRS’ Interactive Tax Assistant to discover the answer.
Enlist the Help of a Tax Professional
Give yourself and your aging parents’ peace of mind by enlisting professional tax assistance. It can be a relief to know that your parents are being taken care of. Trust and feel confident with whom you hire to help you before tax season starts. Don’t be afraid to look into a tax preparer’s background or ask about their years of experience. It also never hurts to check out the preparer’s website for customer reviews to discover how they treat clients.
If you choose to use professional tax services, ensure that you have the tax preparer’s Preparer Tax Identification Number (PTIN) for your safety, as all federal tax return preparers must register with the federal government.
Not sure where to start? Schedule time with Marcia Campbell, CPA.
If you need help, please contact us by filling out our Contact Form or by giving our office a call at +1(951)686-3608.
As the most experienced CPA in the Inland Empire who specializes in working with seniors, Marcia L. Campbell is committed to helping each client thrive by caring for their personal and financial wellbeing with genuine interest, well-established expertise, and a focus on respectful partnerships. Marcia’s team specializes in a number of services including elder & financial care, court & trust accountings as well as private fiduciary and tax services. At Marcia L. Campbell, CPA, we understand the importance of our clients’ individual needs and are committed to helping them make the best personal and financial decisions for their future.