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Tax Deduction Consulting: Elder Care Elko NV

If you have taken charge of any elderly member of your family or friends, you may be eligible for tax deductions. Care of the elderly deductions are similar to childcare deductions and can be significant when filing your taxes. Just like you would pay for daycare for a child, adult daycare or nursing homes can be costly. Keeping receipts of these expenses can help when it comes to deducting care of the elderly from your taxes.

Timothy Bock
1635 Villiage Center Circle 140
Las Vegas, NV
Company
Title: President
Company: Summit Portfolio Management
Type
Investment Advisor Rep: Yes
Registered Investor: Yes
Education
Arizona State University Five
Years Experience
Years Experience: 27
Service
Education Funding & Financial Aid Planning,Hourly Financial Planning Engagements,Captive Insurance,401k Rollover From Employer,CD Alternative,Disability Insurance,Retirement Planning,Real Estate Investment Planning,Business Succession & Liquidation Planning,Estate Tax Planning,Asset Protection Strategies & Planning,Individual Income Tax Planning,Pension for Highly Compensated Owners,Income for Life/ Preserve Principal,Alternative Investments,Life Insurance,Alternative Asset Class Planning,Invest

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Corey Zimet
10620 So. Highlands Pkwy
LAs Vegas, NV
Company
Company: CBZ Retirement Solutions,LLC
Service
Asset Protection Strategies & Planning,Individual Income Tax Planning,High Yield Bank Accounts,IRA, 401k, Roth IRA, QDRO Rollovers,CD Alternative,Health Care Insurance,Retirement Planning,Insurance & Risk Management Planning,Retirement Income Accumulation Planning,Business Income Tax Planning,401k Rollover From Employer,Income for Life/ Preserve Principal,Disability Insurance,Annuities,Annuity Ideas & Strategy Planning,Retirement Income Distribution Planning,Education Funding & Financial Aid Pla

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Steve Tax Svc
(702) 733-1654
3175 E Warm Springs Rd
Las Vegas, NV

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Biz Inc
(702) 558-4034
7470 Commercial Way
Henderson, NV

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Jackson Hewitt
(702) 477-0057
5130 S Fort Apache Rd Ste 218
Las Vegas, NV

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Jeffrey Goldman
450 Hillside Drive #A107
Mesquite , NV
Company
Title: Financial Consultant
Company: Jeff Goldman
Type
Investment Advisor Rep: Yes
Education
Rensselaer Polytechnic Institute/Bachelor of Science
Years Experience
Years Experience: 6
Service
Insurance & Risk Management Planning,Retirement Income Distribution Planning,Education Funding & Financial Aid Planning,Hourly Financial Planning Engagements,Life Settlements,IRA, 401k, Roth IRA, QDRO Rollovers,Alternative Investments,Disability Insurance,Annuities,Alternative Asset Class Planning,Investment Consulting & Allocation Design,Business Succession & Liquidation Planning,Estate Tax Planning,Asset Protection Strategies & Planning,Individual Income Tax Planning,Fee Only Portfolio Managem

Data Provided by:
Liberty Tax Service
(866) 871-1040
840 S Rancho Dr # 12
Las Vegas, NV

Data Provided by:
Jackson Hewitt
(702) 477-0057
4020 S. Maryland Parkway Ste-B2
Las Vegas, NV

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Tax Service Sales Llc
(702) 457-2232
1701 S Eastern Ave
Las Vegas, NV

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Jeffrey M Graham, EA & Associates
(702) 451-2268
2298 W Horizon Ridge Pkwy Ste 107
Henderson, NV
 
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Tax Deduction Consulting: Elder Care

Care of the Elderly - Tax Deductions

As a society, we are growing older. This means many more people must care for the elderly in their family. Fortunately, there are tax deductions available for this.

If you have taken charge of any elderly member of your family or friends, you may be eligible for tax deductions. Care of the elderly deductions are similar to childcare deductions and can be significant when filing your taxes. Just like you would pay for daycare for a child, adult daycare or nursing homes can be costly. Keeping receipts of these expenses can help when it comes to deducting care of the elderly from your taxes.

To be eligible for care of the elderly deductions, you and the elderly member must meet certain requirements. The elderly individual you care for must be claimed as your dependent. The elderly dependent must not be able to care for or reside by themselves. This includes mental and physical incapacities. The elderly must reside with you and you should provide at least fifty percent of their living income to qualify. The reason for paid care must be so that you can either work or search for work, and you must earn an income. Additionally, the place that the elderly are being cared for must be certified.

The IRS only allows certain people to care for the elderly if you are claiming their care as a tax deduction. The person who takes care of the elderly can not be one of your dependents. If you pay your ten year old son to take care of the elderly person, this cost is not eligible for deduction. If you meet all qualifications, you should file this deduction on Form 1040 Schedule R or Schedule 3.

In addition to hard expenses you incur as a result of caring for the individual, you may deduct other items as well. Expenses from the elderly living with you, such as travel to and from the place of care, and the cost of providing a place to live are deductible. The cost of care deducted must not exceed five percent of the caregivers annual in...

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