"The special rules that make long-term care insurance fully tax deductible for owners of small and mid-sized businesses, are still a well kept secret," explains Jesse Slome, executive director of the Association. The Guide To Tax-Qualified Long-Term Care Protection explains that in 2012 individuals may each be able to deduct as much as $4,370 of the cost of long-term care insurance premiums.
"Business owners can benefit from the tax deductions with fewer rules," Slome notes. "However, individuals should keep in mind that the deductions can become extremely meaningful especially after one retires." That is because after retirement, incomes generally drop which results in more individuals qualifying for a deduction for health and medical expenses. "Long term care insurance premiums are included as a health-related expense, and could therefore be deductible up to the yearly aged-based limit," Slome adds.
The Association has also published the 2012 edition of the Long-Term Care Insurance Guide For Accountants And CPAs designed to give detailed explanations of how the tax rules handle premiums for individuals, self-employed, Limited Liability Companies and C-Corporations. "Many tax professionals welcome a single, current source of information and this is an excellent way for insurance professionals to create strategic alliances and generate ongoing prospect referrals," Slome adds.
Information regarding the guides can be obtained on the Association's website. To view copies go to: http:www.aaltci.org/
Founded in 1998, the American Association for Long-Term Care Insurance http://www.aaltci.org is the national trade organization established to educate both consumers and financial professionals. The organization's online Consumer Information Center has been nationally recognized as the nation's most comprehensive resource for current information on the topic.
# # #
The American Association for Long-Term Care Insurance http://www.aaltci.org is a trade organization. The Association's Consumer Information Center is the #1 source for information and can be accessed at http://www.aaltci.org/