It’s the time of year that most Americans dread – TAX SEASON!

I don’t know of anyone who enjoys preparing their taxes and when you are a caregiver, you often have to prepare, not only for yourself, but for your loved one as well. It’s stressful, isn’t it? I remember getting Bob’s taxes ready for the accountant. All I can say is thank Heavens for accountants!
If you are charged with preparing taxes for a loved one you are going to have to have to set aside time during the day to prepare. Do not sacrifice your precious sleep to prepare taxes in the middle of the night. Schedule time during the day to do this. Get someone to help you with the daily care. Ask for help. Hire an outside person to come in for a day or two. Get a family member to help out. You can’t do everything all by yourself! You just can’t and it’s time to stop the madness. You are not a SUPERHERO (well…actually you are, but not with supernatural powers)

and there is no glory in going it alone. Quite the opposite, really. Tax season is just one more example of why setting up a team of people to help you get the job done is absolutely necessary!
Tips to help you with tax preparation:
- Find out who your loved one’s accountant or CPA is. They will have all the old tax returns if you are unable to find them. Don’t spend days looking for tax returns when the accountant will have a copy.
- Contact the accountant and ask for an organizer. Any accountant worth their fee will have an organizer that should automatically be sent to you. But if it isn’t ask for one.
- Make a phone call and ask what EXACTLY you must provide for the accountant in order to prepare a complete return. This phone call alone can save you hours of prep work.
- Ask what the additional fee would be for someone from the accountant’s office to organize all the papers and documents. (Sometimes it’s not a lot of money and will save you hours, even days of work.)
- Make an appointment early in April to get the taxes filed.
Here’s a couple of little IRS secrets:
If someone has a refund coming from the IRS, there is no penalty for not filing your tax return on time, (This year it’s April 17th) even if you don’t request an extension. However, you will NOT get your refund until your taxes are filed. On the other hand, if you owe money, and file for an extension, you still have to pay by April 17. You are required to estimate the amount due and pay it with Form 4868. And if you haven’t paid the total amount due, you will be charged a late fee. Try not to file taxes late.
Are You Eligible for Caregiver Tax Breaks?
You might be able to claim your loved one as a dependent if..
- Your loved one’s gross income is less than $3,700 (excluding Social Security or Disability payments).
- You are paying for more than half of your loved one’s expenses.
- Your loved one can’t be claimed as a dependent by anyone else.
*The Care Company offers this information as a guide and is not meant to replace the advice of a Tax Adviser or Financial Planner. Be cautious and always seek expert advice.