Premiums for long-term care are treated the same as health care premiums and
are deductible on your taxes subject to certain limitations. For individuals
age 40 or younger at the end of 2017, the limitation is $410. Persons more than
40 but not more than 50 can deduct $770. Those more than 50 but not more than
60 can deduct $1,530 while individuals more than 60 but not more than 70 can
deduct $4,090. The maximum deduction is $5,110 and applies to anyone more than
70 years of age.
If you would like to schedule a Free Initial Consultation to
learn more about the tax preparation and tax planning & compliance services
we offer to businesses and individuals, send us an e-mail or call Amare Berhie
today at 651-300-4777 to schedule a convenient time.
Amare Berhie, Senior Accountant
CEO, ABA Tax Accounting
651-300-4777
We are
licensed in All States. We are affordable, experienced, and friendly. We are an
Authorized IRS e-file Service Provider.
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