subject: The Tax Advantages of Long-Term Care Insurance [print this page] Premiums that are paid through your business have generous tax advantages. Any types of businesses such as C corporation, S corporation, partnership, and etc may pay for large premiums that can be declared as tax deductible. Moreover, the benefits for these premiums may also be tax free. If you own even a small business, you may remove the 7.5% threshold and deduct premiums to maximum amount that rises along with age. Owners of C corporation are lucky since they can acknowledge the entire premiums as tax deductible.
Otherwise, an employer can select employees to buy coverage and deduct the premium; the premiums will not be considered as income. It's best to consult Section 105 and 106 of the IRS code for clarification. To those who are confused, long-term care insurance is the same as health insurance. Also, policies under partnership programs may give some kind of tax deductions. Long-term care insurance policies provide a lot of advantages, so it would be better to go for their offers.
The Tax Advantages of Long-Term Care Insurance
By: christine
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