![]() There are other tax deductions you might qualify for, so contact a tax professional to such as an enrolled agent or certified public accountant to find out what tax benefits you can receive for the financial support you provided for your loved one. You also might be able to claim the dependent care credit (up to $3,000 for one person in 2023) if your loved one lived with you for more than half of the year and you paid someone to care for your loved one so you could work. Then you may be able to claim the federal Credit for Other Dependents of up to $500 on your 2023 tax return. ![]() Your loved one might qualify as your dependent for tax purposes if your loved one’s gross annual income was less than $4,700 and you provided more than half of your loved one’s total support for the year. If you provided financial support for your loved one, add up the medical or living expenses you paid out of pocket. Review expenses you paid for your loved one ![]() You don’t want to let any bills that are paid infrequently slip through the cracks. Your loved one also might make annual payments for insurance policies. Review your loved one’s bank account statements from previous years and check the mail for bills that are due by the end of the year, such as property tax payments. Then create a budget for 2024 to help your loved one keep spending in check. Use this opportunity to help your loved one identify expenses that can be trimmed or cut to make sure your loved one’s money lasts. Help your loved one review bank and credit card statements from the past year to see how much money came in from income sources versus how much went out in spending. If that’s the case, there are several financial moves you might need to make before the end of the year for both your loved one and yourself.Ĭarve out some time over the coming weeks to tackle these tasks and mark them off your to-do list. If you’re caring for an aging parent or loved one, you’re likely helping your loved one with daily money matters.
0 Comments
Leave a Reply. |
Details
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |