Essential Tax Steps for Elder Caregivers

Tax day is fast approaching! Often, an important part of caring for an aging loved one is helping to handle their finances. And, a big part of finances is tax preparation.

You may have a handle on your own finances, but the world of elder care has its own set of rules. Whether you’re questioning claiming your mother as a dependent, or determining if your father even needs to file a personal income tax return, this article from AgingCare can help you understand these distinctions.

It can also be helpful to consult with a seasoned tax professional to ensure you aren’t missing any potential deductions or that the IRS will accept a financial power of attorney (POA) document.