August 10, 2015 12:49 ET

Financial Union, Inc. Supports Caregiving Families With Expert Tips

REISTERSTOWN, MD--(Marketwired - Aug 10, 2015) -  Financial Union, Inc. is now offering valuable financial and tax-related tips to help families who are caring for elderly relatives. Loving families that are happy to support their parents are often confronted with the problem that the expenses of having a parent home full time can quickly add up. Based on Financial Union's expert knowledge in financial issues, the renowned finance company offers tried and trusted advice for caregiving families such as claiming an elderly parent as a dependent to make looking after them easier.

Several key issues need to be addressed to determine whether an elderly parent can be claimed on a tax return: Income, investment dividends, social security status, existing bank accounts, and other income needs to be identified, and the amount that is contributed to the aging parent's expenses, as well as rent or mortgage payments and all medical bills paid, or any other financial support received from any other siblings has to be disclosed (source: Max Banking). Building on decades of experience in tax preparation, the professionals at Financial Union, Inc. are ready to assist in the necessary paperwork and application process and help clients to make their claim as strong as possible.

Once an elderly parent falls below a certain income level, he or she can often be claimed as a dependent. "Aside from meeting the income threshold," a Financial Union expert explains, "it is also crucial to determine the amount of expenses paid by the family for the parent. In order to claim an aging parent, at least 50 percent of their expenses should be paid by the claimant (source: Max Banking)." Once it has been concluded that a parent can be a dependent, Financial Union establishes the deduction that can be taken for that given year to alleviate the financial burden on the family to the greatest extent possible.

"When the whole family is involved in the care of an aging parent, things can get more complicated," the Financial Union, Inc. adviser elaborates. "The family member that pays more than 50 percent is the one who can claim the dependent. However, when no one pays over the 50 percent, the ones who pay at least 10 percent could take part in a multiple support declaration (source: Aging Care)." At this point even the savviest hobby accountant needs some advice and based on raving reviews from satisfied customers, Financial Union is a trusted and reliable source to obtain that advice from. The dedicated financial company assists individuals in determining which deductions they are eligible for and takes these findings into account when preparing their taxes.

Financial Union, Inc. is a licensed full-scale accounting firm in Maryland offering a wide array of options for individuals, business owners, and executives. Business services include boosting profits and increasing efficiency while still staying in compliance. Individuals benefit from the firm's financial expertise to protect their personal assets and take advantage of premium accounting services to maximize earned income. Financial Union's tax experts help working individuals, business owners and professionals use all possible tax deductions and credits to help minimize taxes paid.

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