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Tax Deduction Consulting: Elder Care Gorham ME

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.

Michael John DellOlio (RFC®), JD, MBA
(207) 294-0401
16 Middle Street
Saco, ME
Company
Michael J. DellOlio & Associates, L.L.C.
Qualifications
Education: B.S.,MBA,J.D.,NASD Series 6,7,24,63,65; Maine Insurance License
Years of Experience: 24
Membership
IARFC
Services
Invoice, Estate Planning, Business Planning, Portfolio Management, Trustee Service, Pension Planning, Retirement Planning, Tax Planning, Tax Returns, Employee Benefits, Stocks and Bonds, Mutual Funds, CD Banking, Annuities, Life Insurance, Disability Income Insurance, Long Term Care Insurance, Medical Insurance, BuySell, Compensation Plans

Data Provided by:
Johnson Virginia M
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686 Brighton Ave
Portland, ME
 
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252 Saint John St
Portland, ME
 
Jackson Hewitt
(207) 899-1540
34 Atlantic Pl
Portland, ME
 
Hutnak Stephen A LLC
(207) 772-1600
100 Middle St Ste 401
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Liberty Tax Service
(207) 828-4829
694 Forest Ave
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Scott Associates
(207) 772-0441
12 Revere St
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Austin Associates PA CPA
(207) 892-6642
183 Us Route 1
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H & R Block
(207) 775-1972
400 Maine Mall Rd
Portland, ME
 
H&R Block
(207) 541-1981
629 FOREST AVE
PORTLAND, ME

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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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