Tax laws are complex and ever-changing, making it difficult for some aging adults to manage the tax season in Colorado Springs, CO. Elderly care providers at Home Care Assistance discuss a few ways you can simplify the tax season for your senior loved one.
1. Start a Year in Advance
Remembering small financial decisions over an entire year can be difficult for older adults, which is why they should keep all of their information in a single file. Having a folder for tax-specific information can help your loved one file early and get a refund as quickly as possible.
2. Request an Official List of All Credits and Exemptions
The IRS provides a list of all credits and exemptions to anyone who requests this information. The list is also available online, but it is best to have a hard copy at home. Each year, seniors should go over the list to see if they qualify for any new benefits due to their age or changing finances.
3. Consider Free Tax Assistance Programs
Many organizations offer free tax preparation services to seniors over the age of 60. Before signing up for one of these programs, it is important to spend some time researching the organization to make sure it is reputable. If you are unsure about a company, contact the IRS to see if the company has been officially approved.
4. Document Everything
Family caregivers may find their finances closely intertwined with that of their senior loved ones. While minor purchases or expenses are generally not a big deal, you should keep records of any major financial decisions you or your loved one makes. If either party is audited, these records can be your safeguard against a major lawsuit. Keeping records is also important if you have any joint accounts through your bank or credit union.
If you need a break from your caregiving duties to manage your loved one’s taxes or to consult a legal expert, call Home Care Assistance. Our compassionate respite caregivers in Colorado Springs can prepare healthy meals, offer medication reminders, and provide social stimulation activities to boost your loved one’s health and wellbeing. To learn more about our flexible schedules and senior care plans, call (719) 822-1229.