Long Term Care insurance premiums can be tax deductible

IRS increases 2020 tax deduction limits for LTC insurance
The 2020 deductible limits under Section 213(d)(10) for eligible long-term care premiums includable in the term ‘medical care’ are as follows:
Attained age before close of tax year 2019:
40 or less: $430
More than 40 but not more than 50: $810
More than 50 but not more than 60: $1,630
More than 60 but not more than 70: $4,350
More than 70: $5,430
These amounts can be an itemized deduction for individuals and businesses. Specific details depending on your situation & business type.
Get in touch with us for a detailed written description and a customized quote for Long Term Care insurance or Life/LongTermCare plans.