Tax help when you help out your aging dad (or mom)

June 15, 2011

Father's Day is Sunday. Cards will be mailed, special dinners prepared and a variety of gifts presented to the men who mean so much to us.

Many of us also will be dealing with things that go beyond one special day. Some folks with an aging dad are helping him out on a more regular, and in some cases daily, basis. Others soon will be providing that extra attention.

If you are or expect to be caring for an elderly dad (or mom), the tax code offers some help. And that's this week's (#8) Weekly Tax Tip.

Some things you'll need to consider are your parent's income, including Social Security; how much support you provide for living expenses, including your parent's residential costs; and how much medical costs you pay for your parent.

Details on these care components and more are in my Bankrate story on tax help in caring for an aging parent, as well as in my blog post on my experiences with my mom.

Give them a read, especially if your dad (or mom) is getting on up there. But don't dwell on the inevitability of time. Enjoy this weekend with dad and every other day you can spend with your folks.

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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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Comments
  • AffordAnything.org
    15 years ago

    I do know someone who will be taking care of his aging parents soon … his parents who have not saved for retirement. They are divorced. The mother has $30,000 saved for retirement, and is 62. The father has $0. Yikes! Time will tell what happens to these people … for the moment, the father is planning to sell his house, and use the money to move to a cheaper country.

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