Taking your parent's as dependents

As our parents age we must become their caretakers as they were ours when we were young.  With this responsibility comes added expenses.

Do you support your older parents?  Pay over 50% of their living expenses? Do your parent's have less than $3,950 in taxable income each (this does not include Social Security?



If all of the above are true, you may be able to claim one or both of your parents as dependents, even if they do no live with you.  By claiming an exemption for your parents, step-parents or even in-laws you may be able to lower your tax burden.  There is even a chance that it may be worthwhile to amend prior year returns to get over-payments refunded.

Boucher Tax and Accounting Services, LLC would be happy to help you determine if you could have or can in the future claim these dependents.

Email us at Lisa@BoucherTaxandAccounting.com