Many people are unaware of the significant tax-treatment available with Long-Term Care Insurance. As more people purchase these plans prior to retirement, these tax benefits can make what is an affordable product even more valuable.
Tax deductible limits for traditional Long-Term Care Insurance premiums that are paid in 2018 have been increased according to the American Association for Long-Term Care Insurance.
Long-Term Care Insurance has attractive tax treatment under IRC 7702(b). Premiums can be tax deductible if you have enough medical related deductions, you are self-employed or own a LLC, S-Corporation or C-Corporation. C-Corporations can deduct 100% of the premium. Otherwise the IRS publishes a chart each year which indicates the amount deductible based on age.
Read the full article from LTC News: https://www.ltcnews.com/articles/irs-2018-long-term-care-insurance-deduction-schedule
Learn about Long-Term Care and tax incentives from my website: https://mccannltc.net/resources/long-term-care-insurance-tax-benefits
Long-Term Care Insurance is Easy and Affordable Asset Protection. Before you retire discover how you can plan for the financial costs and burdens of aging. Safeguard your 401(k), IRA, 403(b) and other savings while reducing the tremendous burdens extended care placed on family members. The consequences can be huge – the solution is easy and affordable.
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