We seek a talented Tax Manager with a minimum of 3 years of experience in a public CPA firm to join our team at Hawkinson Muchnick & Associates, PC. As a Tax Manager, you will play a crucial role in providing exceptional tax services to our business and individual clients. This position offers growth opportunities, including the possibility of ownership, and promotes work-life balance.
Responsibilities:
Provide comprehensive tax planning and compliance services for a diverse client base.
Manage and review tax returns, ensuring accuracy and adherence to relevant regulations.
Conduct tax research and stay up-to-date with changing tax laws and regulations.
Develop and maintain strong client relationships, delivering exceptional customer service.
Identify tax planning opportunities and provide strategic advice to clients.
Supervise and mentor junior team members, fostering their professional growth.
Requirements:
Minimum of 3 years of experience in a public CPA firm, specializing in tax services.
Strong knowledge of tax laws, regulations, and compliance.
CPA certification is required
Excellent analytical, problem-solving, and organizational skills.
Ability to work independently and as part of a team in a fast-paced environment.
Hawkinson Muchnick & Associates, PC is a leading CPA firm based in Douglasville, GA. With over 30 years of professional experience and deep roots in the Douglas County area, we are known for our stability, expertise, and commitment to our clients. Our team of seasoned Certified Public Accountants and Enrolled Agent ensures that our clients receive top-notch financial planning services.
More than just a traditional tax and accounting firm, our comprehensive and customized strategic Financial Planning packages set us apart, allowing us to provide personalized solutions tailored to each client’s unique needs. As active members of the community, we actively participate in local organizations and take on leadership roles to make a positive impact.
How to Apply:
If you are a dedicated Tax Manager seeking a rewarding opportunity with growth potential, we would love to hear from you. Please submit your resume and a cover letter detailing your relevant experience and why you would be a great fit for our team preferably via LInkedIn Job Post or via this website via the contact form. Let’s start a conversation about your future with Hawkinson Muchnick & Associates!
Note: All applications will be treated confidentially. Only qualified candidates will be contacted for further steps in the hiring process.
About Us: https://hma-cpa.com
Location: Douglasville, GA
Employment Type: Full-time
Salary: Competitive, based on experience
We look forward to reviewing your application and exploring the possibility of welcoming you to our team at Hawkinson Muchnick & Associates, PC.
Every January brings a familiar ritual. We promise to eat better, exercise more, and finally organize the garage. These are fine goals, but if you want a resolution that delivers real, measurable value, fewer taxes paid over your lifetime is about as concrete as it gets. Here are three possible resolutions to consider:
Resolution #1: Maximize use of your retirement accounts
One of the simplest ways to lower your current tax bill is by maximizing contributions to 401(k)s, IRAs and similar accounts. You can also defer taxes by maximizing contributions into 401(k)s and Traditional IRAs or reduce your taxes in the future by considering Roth accounts. Some other great tips:
Ensure you are taking advantage of catch-up contributions.
Always contribute to take advantage of any employer matching programs.
Take full advantage of SEP IRAs as a small business owner.
Look to create additional accounts when possible through spousal retirement accounts or youth accounts when children have earned income.
This resolution can be rich with tax saving ideas.
Resolution #2: I will keep my tax records organized.
If tax season feels like a scavenger hunt through old emails and crumpled receipts, organization should be high on your list. Remember, if you can’t support a deduction, you can’t take it. This is especially true if you run a small business, if you want to take advantage of things like the new $1,000 ($2,000 joint) charitable contribution deduction, or claim the teacher out-of-pocket expense deduction. The same is true with educational expenses.
Resolution #3: Commit to paying health costs tax efficiently
A health savings account (HSA) is one of the most powerful tax saving tools in the tax code. Contributions are often deductible, with earnings on funds in the account usually tax-free. Plus qualified medical withdrawals are also tax-free. So try to maximize your eligible donation into your HSA each year, including catch-up contributions. Then invest your unused funds to grow tax-free. Leaving the HSA untouched allows it to function like a stealth retirement account. Years down the road, those funds can be used for healthcare costs that almost everyone faces, often with significant tax advantages.
Making taxes a year-round conversation
Taxes are not a once-a-year event. Life changes like income shifts, business activity, investments, or family milestones can all affect your strategy.
This year, choose a resolution that quietly compounds, rewards consistency, and pays you back every April.
When it comes to personal finance, guidance is often delivered in quick, confident soundbites:
Open a high-yield savings account!
Sign up for a rewards credit card!
Buy your food in bulk to save money!
On the surface, these suggestions sound like common sense. But managing your money is rarely this simple, as what works brilliantly for one person might not be the best move for someone else. Here’s a closer look at a few common financial tips and how the hype holds up in practice.
#1 – High-yield savings accounts: A favorite low-risk move
Why they sound great: High yield savings accounts (HYSAs) are often promoted as a simple way to make your cash work harder. While a standard savings account may pay just 0.01% interest, many HYSAs offer more than 4% APY, a major boost if you’re building an emergency fund or saving for short-term goals.
The reality check: Everyone should consider better yields for their everyday funds. To not do so is simply giving this money away to the bank. But you need to be smart. Putting this money in CD’s often includes a hefty early withdrawal penalty. So find accounts with reasonable rates and then know how to transfer the money penalty-free to transaction accounts when you need it. Remember, a 4% yield on $5,000 provides approximately $200 every year. Would you be willing to take $200 and throw it on the street? Most banks hope the answer is yes, so they can pick it up.
Worth the hype? Yes, for the savvy consumer. While it won’t change your financial situation, it helps establish best practices and encourages active management of your financial life.
#2 – Credit card rewards: Free money or clever marketing?
Why they sound great: The pitch is to earn cash back, travel points, or perks for spending money you were going to spend anyways. Some cards even have generous sign-up bonuses worth hundreds of dollars.
The reality check: Credit card rewards can be lucrative, but only if you pay your balance in full every month. The second you start carrying a balance and paying interest, these rewards vanish into the void – lost in never-ending interest charges. Many cards also have annual fees, category restrictions, or minimum spend requirements that can lead you to overspend for the sake of earning points.
Worth the hype? Yes, but only for those who DO NOT carry a balance from month to month. If you’re debt-averse and organized, rewards cards are a tool, not a trap.
#3 – Buying in bulk: The Costco/Sam’s Club effect
Why it sounds great: The logic is simple: buying in bulk means paying less per unit. Warehouse clubs and bulk shopping apps promise you’ll save a fortune on everything from cereal to toilet paper.
The reality check: Bulk buying can indeed slash your cost per item, but only if you use it and have the space to store it. So be careful with perishables you can’t consume in time. And know your storage limits, especially for bulky items like paper towels.
Worth the hype? If you have a large family the savings are easy to obtain. If not, you simply need to be a smart shopper or shop with a friend or two to share the bulk purchase and the savings.
Financial tips are great, but only if you understand how they work and make them work for you and your situation.
In a time when information is always at our fingertips and digital tools dominate daily life, there’s something quietly appealing about picking up a pencil, winding a watch, or playing a record.
Here’s what appears to be driving the trend to operate without screens or batteries.
Imperfection is the new perfection
Technology has continually moved us towards digital precision. Photos can be edited until flawless, music can be perfectly tuned, and every word can be polished by spell-check. But sometimes, that perfection feels a little flat.
Analog technology brings back what modern tools often smooth away: small imperfections. The soft crackle of a vinyl record adds character to the music. A Polaroid’s uneven exposure becomes part of its charm. A typewritten page might have a slightly tilted e, but it reflects the hand of the person who made it.
In a world filled with polished, curated images, the imperfections of analog offer a feeling of authenticity.
The slow life is a statement
Need a song? Stream it instantly. Want to send a message? Sent to the other side of our planet in 0.3 seconds. But speed has a catch: it flattens experiences.
Shooting film forces you to slow down. You don’t get 1,000 shots, you get 36 (if you’re lucky). Writing with a fountain pen is deliberate. Even making a mix tape on cassette – pausing, rewinding, recording in real time – demands a kind of presence that modern tech rarely asks of us.
Ironically, in a hyper-connected world, the true luxury is slowness. Analog tech is the ultimate status symbol because it’s proof you can take your time.
Objects with weight and memory
A file on your phone weighs nothing. It can vanish without warning, courtesy of a corrupted drive or forgotten cloud password.
Analog stuff on the other hand, such as records, notebooks, and physical photographs, have weight. They occupy space. They age, and in aging, they gain character. A dog-eared book isn’t just a copy…it’s your copy, with coffee stains from that trip you took in 2017 and the faint smell of sunscreen from the day you left it on the beach.
In a world of momentary pixels, analog gives us artifacts.
Why analog deserves your attention
With all this in mind, here’s are some of the ways the analog revival can work in your favor:
You gain control. Analog tools put you back in charge, whether it’s a record player you can fix yourself, a notebook that can’t crash, or a car that doesn’t need a software patch to start.
You find balance. In a world of speed and infinite choice, analog slows you down. It forces you to savor music, create works through knitting and hand crafting, or savor moments without constant interruptions or algorithmic nudges.
You create meaning. Physical objects age, carry memory, and become part of your story in ways pixels never can. They ground you in reality, giving permanence to experiences that digital life often erases.
Analog tech’s comeback isn’t about rejecting the future, it’s about rounding it out. It’s about reminding ourselves that life isn’t meant to be optimized in every way possible.
A growing number of students are saying no to paying for higher education with student loans. Here’s how to join the growing number of students graduating debt-free, often by using unconventional approaches.
Serve before studying: Military service. Military enlistment remains one of the most reliable routes to a fully-funded education. The Post-9/11 GI Bill not only covers in-state public tuition or contributes toward private schools, but also provides housing stipends, book allowances, and even the option to transfer unused benefits to a spouse or child. Active-duty personnel and reservists can also qualify for other tuition assistance programs that cover college courses taken during service.
Potential tradeoffs: Enlistment requires several years of service, during which you may face deployments, relocations, and the demands of military life. While these experiences can provide leadership skills and career discipline, they also delay immediate entry into civilian education or employment.
The gap year that pays off. Delaying college to work full-time is another strategy for avoiding student loans. By taking a gap year, or even several years, students can earn a steady income, build savings, and gain valuable work experience before stepping onto a campus. Postponing college also gives students time to clarify their goals. A year or two in the workforce provides insights on career paths that can be used to make more intentional choices about their fields of study.
Potential tradeoffs: Taking time away from academics can make it harder for some to get back into a rhythm of rigorous coursework. Some students risk losing academic momentum altogether. A delayed start also means graduating later, which can postpone entry into certain careers.
Beating the clock: Accelerated and AP credit. Students may be able to enter college with a head start, sometimes as a sophomore instead of a freshman, by maximizing Advanced Placement (AP) courses or dual-enrollment credits while still in high school. In addition to AP credits, some universities now offer formal three-year or accelerated degree tracks designed to condense a traditional four-year program into a shorter time frame.
Potential tradeoffs: The pace of accelerated education can be demanding. Students often carry heavier course loads, enroll in summer or winter sessions, and have less flexibility for internships, study abroad, or part-time work. In some cases, moving through requirements quickly can limit the exploration of different majors or electives.
Employer-sponsored degrees. More companies are offering tuition assistance or direct sponsorship for employees pursuing degrees or certifications as the competition for talent increases. Some companies partner directly with universities or online programs, creating a simple pathway for workers to earn degrees in fields related to their jobs. Many employers now extend these opportunities beyond management, also offering assistance to front-line workers in retail, hospitality, healthcare, and manufacturing.
Potential tradeoffs: Balancing work and study can be challenging, often stretching degree timelines to five or more years. Some programs require employees to remain with the company for a set period after graduation, tying educational opportunities to job loyalty.
While student loans remain the norm for many, the rise of debt-free graduates shows that alternatives do exist. These paths may be unconventional, but they show that a college degree or technical certification doesn’t have to mean decades of repayment.
Property taxes are still on the upswing in many parts of the U.S. To help get a handle on your property taxes, here’s a look at what goes into determining your bill and a few ideas that may help to reduce it.
Background
Property taxes are typically calculated using two factors:
The assessed value of your property (set by your local assessor)
Your local tax rate (set by schools, counties, fire departments, etc.)
Why this matters: Even if your home’s value doesn’t change, your tax bill can go up if any of the taxing authorities raise their rates. And while setting the tax rates is usually a legislative process, establishing the value of your property often has judgement applied.
Ideas to lower your property tax bill
Understand and adhere to the calendar. Challenging the value of your property requires an understanding of the process for doing so AND hitting the proper deadlines. If there’s an appeals process, know it and make sure you meet their deadlines or you could be out of luck for that year.
Challenge your property’s assessed value. You have the right to appeal your property’s assessment by filing a formal appeal with your local assessor. If you can show your home was assessed for more than it’s worth compared to similar homes, you might get your tax bill reduced. If you want to appeal, you need to act fast. There are typically just a few weeks each year to appeal your assessment. So mark the date and gather evidence early if you plan to dispute it. But do your homework! Collect actual sales of similar properties that show a lower sales price, and be ready to defend the condition of your property if it is an older home. Assessors are quick to dismiss complainers with no facts to back them up.
Claim all exemptions and eligible tax breaks. Contact your local assessor’s office to see what exemptions you can claim. Many states and counties offer breaks for veterans, people with disabilities, low-income households, older residents and those in designated areas like historical districts or disaster zones.
Compare local tax rates before you buy or move. Property taxes are determined locally by counties, cities, or school districts, which means two identical homes in nearby ZIP codes can have drastically different tax bills. So always check the local tax rate before you buy or move. Look at the history of property taxes in your target neighborhood and see how it changed over the past several years. Then compare it with other homes in the area to ensure the rate increase is consistently applied.
Calculate the tax impact of renovations before building. Adding a new deck or renovating your kitchen may increase your home’s assessed value, especially if the county finds out through permits or a property inspection. So even if you don’t sell your home, upgrades can mean a bigger tax bill. Some areas reassess properties automatically after building permits are pulled. So always factor in long-term tax implications when upgrading your home.
Review your lot details for unused land. Your property tax bill covers not only the value of your house, but also the value of your land. If part of your property can’t be used, like wetlands, steep slopes, or areas with easements, ask your assessor if your bill can be adjusted.
Property taxes are one of the few taxes you can actually fight and get lowered. But you can’t do that if you don’t understand how the system works. So don’t just pay the bill without looking at it. There’s often money to be saved if you understand the details.
The U.S. tax code is constantly changing. What saved you money last year might cost you this year. Between shifting income thresholds, changing deduction rules, and overlooked credits, you now need to stay focused on your tax plan throughout the year. Here are several bits of tax wisdom that can help you lower your bill to the IRS.
Phaseouts matter (a lot). A lot of tax breaks, such as child tax credits, tax benefits for college costs, or the new senior deduction don’t disappear all at once. Instead, they phase out slowly as your income rises. This means earning a bit more could quietly cost you some of these benefits.
What you can do: Keep an eye on how much income you’re showing on paper and how it will impact these phaseouts. You might be able to stay in the sweet spot so you don’t lose the value of your deductions or credits by putting more into your retirement account or timing when you receive certain payments.
Are itemized deductions going the way of the dinosaur? Not so fast! Yes, the standard deduction is now higher than ever ($31,500 for married couples, $15,500 for singles in 2025), which has made itemizing less common. But with an increase of the state and local tax (SALT) deduction from $10,000 to $40,000, you may be shifting back to itemizing your deductions without realizing it.
What you can do: Don’t assume you’ll be taking the standard deduction again this year. Add up your potential itemized deductions, especially if your expenses vary, to see how close you are to being able to itemize. Consider bunching charitable contributions or property taxes into one year to clear the standard deduction hurdle.
Timing is everything (especially with capital gains). If you sell assets held longer than a year, you’ll likely qualify for long-term capital gains rates (0%, 15%, or 20%). But miss that time by even a day and you could pay ordinary income rates, which can be nearly double. Strategic timing can also help you harvest losses to offset gains and reduce your overall tax bill.
What you can do: If possible, hold investments that are profitable for at least one year and a day before selling to qualify for lower tax rates. Use end-of-year tax-loss harvesting to offset gains, and stagger sales across tax years if needed.
Don’t sleep on the Qualified Business Income deduction. If you’re a small business owner, self-employed, or even a gig worker, you may be eligible for a 20% deduction on your qualified business income. Planning how and when revenue hits your books could make or break your eligibility for this significant deduction.
What you can do: Review how your business is structured and how much income you’re reporting. You may be able to reduce taxable income through retirement contributions, shifting income between years, or reclassifying your business activities.
Tax-deferred doesn’t mean tax-free. Traditional 401(k)s and IRAs offer tax deferral, not tax elimination. When you withdraw funds in retirement, you’ll pay ordinary income tax on the distributions. If you expect to be in a high tax bracket in retirement, it may be a better idea to contribute to a Roth account now and pay taxes up front.
What you can do: Schedule a planning session to discuss whether diversifying your retirement accounts between traditional and Roth makes sense for your situation. Also consider planning for the timing of distributions from these accounts to be as tax efficient as possible. Run long-term tax projections to decide which type of contribution makes sense today. Consider partial Roth conversions during lower-income years. Tax planning isn’t a once-a-year scramble, but rather a year-round strategy. And with these pieces of prevailing tax wisdom, you can be better prepared to cut your tax bill. Please call if you have any questions about your tax situation.
A credit score is often treated like a financial grade. It’s the number people look at when you are applying for a loan, renting an apartment, or even getting a job. But while it’s important in certain situations, it doesn’t tell the full story of your financial health. In fact, it misses some of the most important pieces.
What a credit score really measures
Your credit score is primarily designed to help lenders assess how likely you are to repay borrowed money. It looks at factors like your payment history, credit utilization, length of credit history, types of credit, and recent credit inquiries. In other words, it’s a tool for measuring how you manage debt, not how you manage money overall.
You can have an excellent credit score and still struggle financially. You can also have a lower credit score and be in a strong financial position because you avoid using credit altogether.
What really matters for financial health
If your goal is long-term financial stability and peace of mind, there are more meaningful metrics than your credit score. Here’s what you should pay attention to:
Cash flow mastery. This is the foundation of your finances. Are you consistently spending less than you earn? Positive cash flow gives you the flexibility to save, invest, and plan for the future. Even if your income isn’t high, managing it wisely can make a big difference.
Emergency readiness. An emergency fund helps protect you from unexpected events such as a job loss, medical expenses, and home repairs. Having three to six months of living expenses saved can prevent you from going into debt during a crisis.
Debt load and structure. How much you owe, and what kind of debt it is, plays a major role in your financial health. High-interest consumer debt, such as credit card balances, can be a major drain. On the other hand, low-interest, long-term debt (like a mortgage or student loan) may be more manageable.
Savings and investments. Building wealth takes time and consistency. Regular saving, even in small amounts, can have a big impact. A credit score doesn’t measure this, but your future self will.
Financial knowledge. Understanding how your money works is essential, such as knowing how interest compounds, how taxes affect your income, and knowing how to set financial goals. You don’t need to be an expert, but increasing your financial literacy over time helps you make smarter decisions and avoid costly mistakes.
Confidence around money. Financial health isn’t just about numbers. It’s also about how you feel. You might have a great credit score but still feel anxious every time you check your bank account. Feeling stable and secure is a sign that your financial system is working for you.
Your credit score is just one small piece of the puzzle. It matters when you’re borrowing money, but it’s not a full measure of how well you’re doing financially. Treat it like a tool – useful in the right context, but not the final word.
It’s easy to overlook the ordinary. A zipper, a fork, a paperclip. Each plays a small but essential role in daily life. Yet behind many of these tools are extremely interesting, strange, or accidental histories. Here’s a closer look at the real origins of some of the objects we use every day.
The paperclip: A symbol of resistance
The paperclip may seem like a product of office supply boredom, but its story is more complicated…and even political. While several designs emerged in the 19th century, the most widely recognized version was never patented. Norwegian inventor Johan Vaaler filed a similar patent in 1899, but it was less functional than the Gem-type paperclip we know today, developed by an unknown British manufacturer.
Oddly enough, during World War II, Norwegians wore paperclips on their lapels as a silent protest against Nazi occupation. It became a symbol of resistance and unity, proof that even the smallest items can carry weight.
The fork: Once seen as excessive and unholy
The fork is now a staple of Western dining, but for centuries it was considered unnecessary, even decadent. In medieval Europe, people ate with their hands, spoons, and knives. When forks began appearing in Byzantine courts, they were viewed by some religious leaders as prideful, a sign of vanity or softness.
It wasn’t until the 17th century that forks gained acceptance in France and Italy. Catherine de’ Medici is often credited with bringing them to prominence in Europe when she married into the French royal family. By the 18th century, forks had gone mainstream, changing table manners forever.
The zipper: A name that made it stick
The zipper’s development was a slow burn. In 1893, Whitcomb Judson introduced a clasp locker meant to fasten boots and shoes. His invention, though, turned out to be bulky and unreliable. In 1913, Gideon Sundback improved the design, creating what we now recognize as the modern zipper. But it wasn’t until the B.F. Goodrich Company used it on rubber boots in the 1920s, and called them Zipper boots, that the name and invention caught on.
Zippers weren’t just for fashion. During WWII, they became standard on military gear, appreciated for their speed and simplicity. Today, billions are manufactured each year, quietly holding our world together.
The eraser: Once made of bread
Before rubber, people erased pencil marks with…bread. Crustless, balled-up bread was the go-to erasing tool from the 1500s until the late 1700s. In 1770, British engineer Edward Nairne accidentally picked up a piece of rubber instead of bread and discovered it worked better. He began marketing rubber erasers soon after.
The term rubber itself came from this use. It described a substance that could rub out pencil marks. It wasn’t until vulcanized rubber (made more durable by adding sulfur) was invented by Charles Goodyear that erasers became a durable staple of stationery.
Look for the hidden stories all around us
Everyday objects are often invisible until we pause to consider them. Yet their histories are full of innovation, cultural resistance, accidents, and reinvention. They remind us that even the most ordinary things have extraordinary stories, if we take the time to look closer.
Tax myths can spread quickly, leading to costly mistakes or missed opportunities. Here are several common tax myths along with best practices to help you stay grounded in reality.
Myth: Moving into a higher tax bracket means you’ll take home less money
Reality: The U.S. tax system is progressive, meaning your income is taxed in layers. There are currently 7 different layers, with tax rates ranging from 10% to 37%. When you enter a higher tax bracket, only the portion of income above the bracket threshold gets taxed at the higher rate, not your entire income.
Best Practice: Know your marginal tax rate! This is the tax rate of the next dollar you earn. By understanding this you can do your own calculations on the impact of any additional income you earn.
Myth: Getting a tax refund means you did something right.
Reality: A tax refund means you overpaid your taxes. It’s your money, coming back to you – without interest. Getting a big refund might feel great, but from a cash flow perspective, you’re better off adjusting your withholding so you keep more of your paycheck each month.
Best Practice: Review last year’s tax return, then update the numbers to reflect your situation for the current year. Factor in the latest changes such as tax-free tips, tax-free overtime, and increased standard deductions, including the new $6,000 deduction for seniors. Once you’ve made these adjustments, revisit your paycheck withholdings to make sure they’re on track.
Myth: You can deduct all your expenses if you’re self-employed.
Reality: Not quite. While being self-employed certainly opens up more deduction opportunities, not every expense qualifies. Only ordinary and necessary business expenses can be deducted. That family trip overseas doesn’t qualify unless it was genuinely work-related (and even then, only parts of it might qualify).
Best Practice: Set up a dedicated business bank account to handle all income and expenses related to your work. Then establish a regular schedule to transfer funds into your personal account for all non-business spending. And don’t commingle funds with your personal expenses. The IRS may be quick to throw out ALL expenses if they see this occurring.
Myth: You don’t have to report income if you didn’t receive a Form 1099.
Reality: If you earn money, the IRS expects to hear about it, regardless of whether you received a Form 1099. Many people assume that if a client or gig platform doesn’t send you a 1099, then that income doesn’t need to be reported on your tax return. But that’s not how it works. The tax code requires you to report all income, no matter how it’s documented – or if it’s not documented at all.
Best Practice: Keep a list of past 1099s to help you remember which clients or platforms have paid you before, and to double-check if you earned income from them again this year.
Please call if you have any questions about your tax situation.
As you get older, so do your parents and grandparents. And at some point, the need for support and transition becomes unavoidable. If you’re lucky, the shift happens gradually. But without planning, it can arrive suddenly and feel overwhelming. Here are some suggestions to make the transition smoother for everyone involved.
Parents (or grandparents!) – Proactively plan
Talking to your children or grandchildren about money, health, and living arrangements are not normally addressed. Your goal is to be prepared should you be faced with an emergency. This way you can avoid making key decisions in emergencies, such as in the ER, after a fall, or under emotional strain.
What you can do:
Make it legal. If you have not already done so, set up a will, power of attorney, and healthcare directive. Most states have a preferred legal format that is often accompanied with a list of questions. Walk through this document with your children, and while it may seem awkward, remember they may need to be the one carrying out your wishes. Without these, your children may face expensive and drawn-out legal battles just to act on your behalf.
Share your financial picture. Start small. It may be as simple as providing a place to get a list of your accounts and passwords if needed. Your children don’t need every detail, but they need enough to understand resources, debts, and insurance coverage.
Clarify wishes for care. Do you want to age in place? Would you consider assisted living? Who do you trust to make medical decisions if you can’t? What funeral arrangements make sense?
Children – Initiate conversations sooner rather than later
This isn’t about taking control from your parents, but rather it’s about being ready to help when it’s needed. Ideally your parents are having these conversations with you periodically, but if not you may find that you need to step into this void.
How you can help:
Learn their wishes now. Ask where they’d like to live if living alone becomes unsafe, and what kind of care they would like. Or explore a plan to stay in their house, if that’s their wish. Who knows, they may already have a robust plan in place, but then you’ll know!
Understand available resources. Know which bank accounts, insurance policies, and retirement funds exist, and where to find documents. Also get a general feel if there are adequate funds in place to navigate the next phase of life.
Build your own plan. Prepare financially and emotionally for the possibility that you may need to help cover costs or coordinate care.
Become a resource. Pay attention to changes in laws, then relay this information to your parents. An example is the extra $6,000 senior deduction passed into law in July. By staying alert, you can ensure your parents are taking full advantage of the opportunities made available to them.
Know the tax tools available
Money is often the biggest stress point in transitioning to new living arrangements or higher levels of care. But many families overlook the tax credits, deductions, and programs that can ease the financial burden. Here are some key areas to explore:
Medical Expense Deductions. If medical and long-term care expenses exceed 7.5% of your income, they may be deductible, including in-home care, assisted living (if medically necessary), and medical equipment.
Dependent Care Credit. You may qualify for this credit if you pay for the care for a dependent parent while working.
Claiming a Parent as a Dependent. If you provide more than half of your parent’s support, you might be able to claim them as a dependent, which can further reduce your taxable income.
State-Specific Credits. Some states offer tax breaks for care giving or senior housing. Check your state’s tax agency for details.
Health Savings Accounts. These accounts can be used tax-free for qualifying medical expenses for your parents if they’re considered dependents, even if they’re not on your insurance.
Get started today
The problem isn’t that children and parents don’t care about transition planning…it’s that they think there’s plenty of time to do it. Unfortunately, this is not always the case. Here’s how you can start taking action today:
Schedule a first meeting. Don’t wait for the right moment. Put it on the calendar.
Break it into small pieces. Talk about housing one week, finances the next. Avoid trying to solve everything at once.
Document agreements. Even informal notes can be a lifesaver later.
Review regularly. Life changes. So should the plan.
If handled properly, these planning discussions build a level of trust and create a level of partnership. The sooner you start talking and planning, the more control you’ll have over choices, costs, and comfort.
