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Tax Deduction Consulting: Elder Care Hilo HI

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.

Kevin E. Lewis, EA
(808) 934-0144
908 Kumukoa St.
Hilo, HI
 
H&R Block
(808) 965-2388
15-2945 PAHOA VILLAGE rd
PAHOA, HI

Data Provided by:
Conrad Takehara
2051 Young Street #89
Honolulu, HI
Service
Real Estate Investment Planning,Commission-Only Financial Planning (Full Disclosure),Insurance & Risk Management Planning,Retirement Income Distribution Planning,Education Funding & Financial Aid Planning,Hourly Financial Planning Engagements,Fee Only Portfolio Management,Wealth Engineering,Mortgage Refinancing,IRA, 401k, Roth IRA, QDRO Rollovers,CD Alternative,Alternative Investments,Disability Insurance,Annuities,Alternative Asset Class Planning,Investment Consulting & Allocation Design,Busine

Data Provided by:
Ms. Amber Maureen Puanani Doig (RFC®), CSA, EA
(808) 637-9690
66-250 Kamehameha Hwy., Suite C-209
Haleiwa, HI
Company
Financial Management Solutions, Inc.
Qualifications
Education: BBA
Years of Experience: 30
Membership
IARFC, FPA
Services
Invoice, Estate Planning, Business Planning, Portfolio Management, Pension Planning, Retirement Planning, Tax Planning, Tax Returns, Mutual Funds, Mortgage Loans, Annuities, Life Insurance, Disability Income Insurance, Long Term Care Insurance, Medical Insurance, Business Coach, Education Plan, Healthcare Accounts, Compensation Plans

Data Provided by:
Mokuleia Sands Condominium
(808) 637-6083
1585 Kapiolani Blvd Ste 1530
Mililani, HI
 
H&R Block
(808) 961-5487
325 E MAKAALA ST
HILO, HI

Data Provided by:
Mr. Calen R. Matsuno (RFC®), RFP
(808) 589-3344
803 Kamehameha Hwy Ste 414
Pearl City, HI
Company
Advantage Group, LLC
Qualifications
Education:
Years of Experience: 27
Membership
IARFC, NAIFA
Services
Invoice, Estate Planning, Business Planning, Pension Planning, Executive Compensation Planning, Retirement Planning, Medicaid Planning, Tax Planning, Seminars Work, Employee Benefits, Mutual Funds, CD Banking, Annuities, Life Insurance, Disability Income Insurance, Long Term Care Insurance, Medical Insurance, Group Insurance, Auto Home Insurance, Charitable Planning, Education Plan, Healthcare Accounts, Asset Protection, BuySell, LiabCover, Compensation Plans

Data Provided by:
Michelle H. Tucker (RFC®), CPAPFS, JD
(808) 791-1444
820 Mililani Street, #401
Honolulu, HI
Company
Tucker Wealth Management, Inc.
Qualifications
Education: BBA, High Honors Accounting, University of Hawaii; Juris Doctor, William S. Richardson School of Law
Years of Experience: 28
Membership
IARFC, FPA, AICPA, Bar
Services
Invoice, Estate Planning, Portfolio Management, Retirement Planning, Medicaid Planning, Tax Planning, Tax Returns, Seminars Work, Mutual Funds, Charitable Planning, Asset Protection

Data Provided by:
Mr. John D. Cornillez (RFC®), CSA, LUTCF, RFP
(808) 884-5388
P.O. Box 1245
Kapaau, HI
Company
The Cornillez Group, LLC
Qualifications
Education: BS
Years of Experience: 22
Membership
IARFC, MDRT, SCSA, NAIFA
Services
Invoice, Estate Planning, Business Planning, Tax Planning, Employee Benefits, Annuities, Life Insurance, Long Term Care Insurance, Medical Insurance, BuySell

Data Provided by:
Duarte Financial Systems
(808) 822-7791
4-1579 Kuhio Hwy Ste 212
Kapaa, HI
 
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...

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