Jul 21, 2020
As we are all working to file our business and personal income taxes by March or April, I thought I would bring this episode back as we are always seeking more tax deductions. LTC insurance may be tax deductible, depending on how you file your taxes - as an individual and as a business.
This episode is from July, 2020, when our tax deadline was moved to July due to COVID. The numbers are from 2020, but the principle stands.
in 2023, if you file as a w-2 employee, you 'll need to meet 7.5% of your adjusted gross income in medical expenses to deduct LTC premiums.
If you own an S corporation or a partnership, there are age range caps that can be deducted. The 2023 caps are -
age <40 $480 per policyholder
Age 41-50 $890 per policyholder
Age 51-60 $1790 per policyholder
Age 61-70 $4770 per policyholder
Age 71+ $5960 per policyholder
Owners of C Corporations can deduct 100% of LTC premiums with no caps
Let's connect and find you some deductions while we build leverage against the biggest potential financial risk your family may ever face. Schedule with me at https://calendly.com/diane-p4t/60min