Business Tax Recovery Logo


Tax Deduction Consulting: Elder Care Fargo ND

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.

Liberty Tax Service
(866) 871-1040
3005 13th Ave S
Fargo, ND

Data Provided by:
Accounting 4 Success
(701) 371-0419
3320 Westrac Drive
Fargo, ND
 
Liberty Tax Service
(866) 871-1040
312 University Dr N
Fargo, ND

Data Provided by:
Liberty Tax Service
(866) 871-1040
500 W Main St
Mandan, ND

Data Provided by:
Accounting 4 Success
(701) 371-0419
3320 Westrac Drive
Fargo, ND
 
H&R Block
(701) 241-7628
1531 S UNIVERSITY dr
FARGO, ND

Data Provided by:
H&R Block Inside Times Square West
(701) 282-4570
5050 13TH AVE S
FARGO, ND

Data Provided by:
Liberty Tax Service
(866) 871-1040
113 Main Ave E
West Fargo, ND

Data Provided by:
Liberty Tax Service
(866) 871-1040
1173 3rd Ave W # 19
Dickinson, ND

Data Provided by:
H&R Block Inside Times Square West
(701) 282-4570
5050 13TH AVE S
FARGO, ND

Data Provided by:
Data Provided by:

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...

Click here to read the rest of this article from BusinessTaxRecovery.com