Tax Update

The weekend is coming to an end and my tax duties for my mother haven't begun. Several things slipped into the 48 hours and no matter what I do, I can't stretch the time! I've looked over the paperwork and it doesn't seem real lengthy and involved. And let's face it, the income of the elderly (at least the ones I'm working with) is not that great, requiring complicated accounting practices. It looks pretty simple and I will get on with it.

That said, this brings me to, once again, sound the "plan ahead alarm" for financial planning . The caregivers of the aging are right at the time when they should be mindful of the performance of their retirement accounts, IRAs, 401Ks, and annuities. Anything with a beneficiary, life insurance included, should be looked at regularly and updated as need be for births,deaths, marriages, and divorces. Plan also for your own care when the time comes. You needn't be a millionaire to apply financial planning. It's all a matter of your money, and where you want it to go. If you need a financial advisor, ask your insurance agent or a trusted friend for a reference.

Tax Time

Income tax preparation time is one of my least favorite times of the year. And I'm 99.9% certain I'm not alone.

I have business expenses and income statements to prepare for my accountant to get the business taxes filed in March, then tackle our personal taxes due in April. The president's tax initiative has put another spin on how I spend my time this weekend. The elderly who don't file tax returns each year have the chance to receive a rebate with one catch. They, too, must file a tax return for 2007. My husband will take care of his parents( currently 87 & 88 years of age) this time, and I will see to my mother's return. I hate to pass it on to my accountant. It can't be THAT difficult...can it? Good luck to you all in the same boat.