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Tax Expert & Advisor Barry G. Fowler, EA, Talks About Children Claiming Their Parents As Dependents
By: Taxation Solutions
Houston, TX – March 20, 2018 – Barry G. Fowler, CEO of Taxation Solutions, posted a new blog on the company website entitled "Claiming Parents As Dependents On Income Taxes," in which Mr. Fowler presents the requirements.
Fowler writes, "As more and more Baby Boomers are caring for elderly parents, the question often arises: "Can I claim my parent(s) as dependents on my taxes?" "The answer to that" says Fowler is, "it depends."
Fowler adds, "The IRS does allow parents to be claimed as dependents if certain requirements are met. The IRS always has requirements."
"To meet the support requirements necessary to claim your parent as a dependent on your tax return," writes Fowler, "you must cover 51% or more of their support costs. These costs include food, housing or lodging expenses, clothing, and medical services and/or equipment costs.
"In addition," says Fowler, "the parent must be what the IRS terms a "Qualifying Relative." This means that the person you're caring for can be your parent, an in-law, or even a grandparent."
The entire blog can be read at http://www.taxationsolutions.net/
About Barry G. Fowler, EA
Barry G. Fowler founded Taxation Solutions out of a genuine concern for the IRS issues his clients face, many of whom are self-employed, contract employees, or entrepreneurs. For his contributions to his profession and expertise in tax resolution and financial planning, Fowler has been featured as one of America's Trendsetters on CBS and Yahoo, and as a Premier Expert in Inc. Magazine. He has been instrumental in helping hundreds of people resolve complex tax issues with the IRS.
Fowler is licensed to represent taxpayers before the Internal Revenue Service, and is a longstanding member of several tax industry professional organizations: