LTC Premiums Can Be Paid For Through Your Business

June 13, 2016

Can a tax deduction help you afford long-term care insurance? If you're self-employed and buying it through your business, absolutely. "It's kind of a hidden secret," says Michele Glisson, an insurance broker in Bradenton, Fl. "Accountants will say you ought to contribute to a 401K retirement plan but they don't often bring up the fact that you can buy long-term care insurance through your business and get a tax deduction," she adds.Here's the deal for self-employed folks with business income that passes through onto their personal returns. They don't face the 7.5% AGI limit. Instead, they can deduct 100% of the premiums paid for themselves (and spouse) as a business expense, just like health insurance. These folks are still subject to the age-related premium limits, but that doesn't necessarily limit your deduction

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