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I am trying to figure out my tax base numbers for the upcoming years. I will be buying my own health care and my mother lives in my house so I just need to plan financially for my taxes.

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ABOVE thank you I did not think it rude I was fielding a question and I feel that I am putting my whole life on hold to care for my Mom , my family memebers cnt do it and I dont want her in a facility so thank you !
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Please don't think I was trying to be rude when I said "it must be nice." I totally think we should get paid and I really do think it would be nice to be paid. Just that in my case the family (in-laws) would never allow it. I wish they had a clue as to what goes on. Guess they think I'm having the time of my life lol
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dreamin,
no need to explain, there are many on this site that are of the opinion that family caregivers should not be paid. Like I said before, you are very fortunate! And bless you for being willing to take your mom in to help her.
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If your mom is living with you, then only part of it would be considered income. An elder care lawyer will help you set up a Caregiver Agreement, stipulating what you get paid for caregiving, what goes towards "rent" (to live in your home), and how to break out her expenses. That way, you report & only pay taxes on the portion considered income. Also, you most likely would be able to claim your mother as a dependent, which would ensure your "head of household" tax status when your teenager leaves home or starts filing as a single person.
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I thank you for your input I should explain I am a single mother raising a teenager on my own and have to give up my current job/and healthcare because my elder mother does not like her caregiver whom she pays. She is in need of 24 hour care.
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Must be nice to actually get paid. Wow.
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paying self employment taxes neednt be complicated. my money comes in sporatically so i just send checks to the state and fed revenue people at any time with my ssn printed on the memo line. they will credit it to your tax account and they keep fine track of it. quarterly payments or tax forms arent necessary.
imo, you might do fine with just a good tax preparer instead of an attorney.
an elder care agreement can be drawn up by any attorney for 150.00 . an aging care service could help you get the agreement drawn up as they have attorney connections. an elder care agreement is pretty important . it protects you from allegations of misuse.
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Dremin, you are very fortunate. This site has unpaid family caregivers everywhere, many times because siblings that do not help are concerned about what it will cost them when parent passes they have planned their futures based on what their share of the inheritance will be. Unpaid family caregivers are in effect giving unwilling to assist siblings a gift monthly based on what cost of cre would be for parent.

I hope you have a care agreement in place. If not you should see n elder law attorney to get this all straightened out. That same attorney can help you figure out what t do about taxes, fica, etc.
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Yes. You pay taxes on all income.
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You can find all the information you need on the IRA web site. You will have to pay your own FICA both employer and employee.
I think you need to consult an accountant. It could be in your own interest to form yourself into a company. If the room or rooms Mom uses are never used by anyone they may be deducted as business expences. her bedroom would count but not the living room you both use. As I said talk to an accountant it will be well worth it. Don't go to someone seasonal in a store use an established company.
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This is such a hoax, I spit my coffee across the room when I read it. LOL
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