Father’s Day 2012: Gifts for him,
tax breaks for you

June 6, 2012

Don't panic. Father's Day isn't until Sunday, June 17. But since dads are usually a bit harder to shop for than moms, I thought you could use the head start.

It seems, however, that we kids are starting to spend more on our fathers, closing the gift-giving gap somewhat with Mother's Day.

The National Retail Foundation's 2012 Father's Day spending survey found that the average person will shell out $117.14 on gifts for pop this year.

That's a 10 percent increase from last year and getting closer to the planned spending of $152 per person last month on mom's big day.

Total spending for Father's Day this year is expected to reach $12.7 billion.

Mother's Day vs. Father's Day Average spending per person.
Sou
rce: National Retail Federation; Interactive chart powered by iCharts

If part of your gift to dad on June 17 and the other 364 days is helping him out, there might be a tax gift for you.

This week's Weekly Tax Tip looks at tax help for caring for an aging parent.

If you make a substantial contribution to your parent's support, covering such things as living and housing costs and medical expenses, you might be able to claim mom or dad as a tax dependent. That then will give you an extra exemption amount on your tax return.

To ensure you do meet the parental tax dependent rules, you'll also need to evaluate your parent's income, including Social Security, as well as how much your brothers and sisters also pitch in for mom's and/or dad's care.

Having the typical parent-child roles reverse is not an easy situation for either parents or children. But it happens to most of us eventually. When it does, make sure you get all the tax help to which you're entitled.

You also might find these items of interest:

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The More Tax Posts tab at the top of this page will take you to, well, more tax posts. You also can search below for a tax topic. 

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We made it. Tax Day 2025 is finally over. For most of us. When the filing season started on Jan. 26, millions who were expecting refunds filed immediately. Most of us got our returns to the Internal Revenue Service by April 15. But plenty of taxpayers also got extensions. They are looking at an Oct. 15 filing deadline.

Those procrastinating filers aren’t a problem. In fact, the IRS appreciates taxpayers who take time to fill out their 1040 forms correctly. It also is grateful that tax submissions are spread out a bit, especially now that the IRS is a leaner agency. Processing returns is easier when they arrive throughout the year instead of in massive bunches.

But enough about Uncle Sam’s tax collection issues. The focus now is on all y’all who filed for extensions, giving you another six months to complete your return. Since your new mid-October due date will be here before you know it, let’s get started now on meeting it.

The ol’ blog is here to help you finish up your extended Form 1040. You can start with January’s tax tips page, which has links to the rest of the year’s tips by-month collections. You also can peruse various tax categories for more tailored advice by clicking on the More Tax Posts drop-down menu at the top of this (and every) page.

And to make sure you don’t miss your new filing deadline, the count-down clock below will let you know just how much time you to file by Oct. 15. At the latest.e. (Note: I’m in the Central Time Zone, so adjust accordingly for where you live.)

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