Navigation Links
TAX ALERT: Deductions for Long Term Care Insurance Premiums
Date:3/18/2008

KIRKLAND, Wash., March 18 /PRNewswire/ -- As the April 15 tax deadline looms, filers should not overlook the deductions allowed for long term care insurance, according to LTC Financial Partners LLC, the nation's most experienced long term care insurance agency.

*(PHOTO 72dpi: Send2Press.com/mediaboom/07-0807-LTCTruesdell_72dpi.jpg)

*(Photo Caption: LTC Financial CEO Cameron Truesdell.)

"People with LTC policies can deduct substantial sums," says Cameron Truesdell, CEO of LTC Financial Partners (LTCFP), "and those who don't have policies, but want them, can set themselves up now for deductions next year."

According to the Internal Revenue Code, the 2008 deductible amounts can be as high as --

-- $3,850 if you're 70 or over*

-- $3,080 if you're over 60 but not over 70*

-- $1,150 if you're over 50 but not over 60*

-- $580 if you're over 40 but not over 50*

-- $310 if you're 40 or under*

* Before end of taxable year, if medical expenses exceed 7.5% of adjusted

gross income

But the tax benefits may not end there. "When people start taking their benefits, there can be additional deductions in some cases," Truesdell says. "When a policy is designed to pay on a per-diem basis, a limited portion of the benefits may be excluded from taxable income." Also, when a policy is paid for out of a Health Savings Account (HSA), there can be tax advantages. "HSAs are funded with pre-tax dollars, and long term care premiums are eligible medical expenses, according to the IRS (Publication 502)."

For businesses, the tax breaks can be especially attractive, Truesdell says. "For example, when small business owners pay the premiums -- for employees or themselves -- it's generally deductible as a business expense." The self-employed, S-corporation owners, and C-corporation owners are NOT subject to the 7.5% rule that limits the medical-expense deductions of individual taxpayers.

LTCFP does not prepare tax returns or offer tax advice as part of its service, "but we team up with tax experts to make sure their clients have the benefit of our special knowledge," he says. "Nobody knows more about the economics of long term care insurance than we do, and we're glad to meet with anyone's accountant or tax attorney." LTCFP has formed strategic alliances with financial planning organizations including banks and the National Association of Estate Planning Attorneys.

How can you make sure you don't miss out on the deductions? "We're glad to consult with anyone's tax preparer," says Truesdell. More than 400 LTCFP experts are available by phone or Internet. Requests for help, at no change, may be made at http://www.ltcfp.us/ltcfp/taxbreaks.html.

This release was issued on behalf of the above organization by Send2Press(R), a unit of Neotrope(R). http://www.Send2Press.com


'/>"/>
SOURCE LTC Financial Partners LLC
Copyright©2008 PR Newswire.
All rights reserved

Related medicine news :

1. MEDIA ALERT: Eularis to Address Marketing Return at Measuring Marketing ROI in Pharma Conference in London
2. Webcast Alert: EP MedSystems Announces EP MedSystems Fourth Quarter 2007 Earnings Conference Call Webcast
3. Webcast Alert: Medial Saude S/A Announces Fourth Quarter 2007 Earnings Conference Call Webcast
4. Webcast Alert: Heska Announces Fourth Quarter and Year-End 2007 Earnings Conference Call Webcast
5. Patient Alert: New Study Finds Most Organ Transplant Patients Are Unaware of Their Increased Risk for Skin Cancer
6. Webcast Alert: Oscient Pharmaceuticals Announces Date for Release of Fourth Quarter Financial Results
7. Webcast Alert: HCA Announces 4Q-Year End 07 Earnings Report
8. Red alert: Wild strawberries may reduce cancer risk
9. MEDIA ALERT: Eularis to Address Marketing Return at Pharmaceutical Marketing Society Half-day Conference: ROI or RIP?
10. Webcast Alert: HCA Announces Third Quarter 2007 Earnings Webcast
11. Consumer Alert: Cancer Project Organization Is a Deceptive Animal Rights Group
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:6/24/2016)... (PRWEB) , ... June 24, 2016 , ... People across ... in Genome magazine’s Code Talker Award, an essay contest in which patients and their ... award to be presented at the 2016 National Society of Genetic Counselors (NSGC) Annual ...
(Date:6/24/2016)... NY (PRWEB) , ... June 24, 2016 , ... ... Haute Living, is proud to recognize Dr. Barry M. Weintraub as a prominent ... “the most beautiful women in the world, and the most handsome men, look ...
(Date:6/24/2016)... ... June 24, 2016 , ... ... feeding the Frederick area economy by obtaining investment capital for emerging technology companies. ... 2½ years that have already resulted in more than a million dollars of ...
(Date:6/24/2016)... D.C. (PRWEB) , ... June 24, 2016 , ... ... Heroes Golf Classic Tournament held on June 20th at the Woodmont Country Club ... charity, Luke’s Wings, an organization dedicated to helping service members that have been wounded ...
(Date:6/24/2016)... ... June 24, 2016 , ... Advanced Plastic Surgery Institute ( ... as its official Medspa Sponsor. Dr. Josh Olson, a board-certified plastic surgeon, owns ... Dr. Olson says the decision to support the pageant in an official capacity ...
Breaking Medicine News(10 mins):
(Date:6/26/2016)... , June 27, 2016  VMS Rehab Systems, ... Board will take whatever measures required to build a ... stock which is currently listed on the OTC Markets-pink ... Company Chairman and CEO, "We are seeing an anomaly ... to understand, not only by the Company, but shareholders ...
(Date:6/24/2016)... N.J. , June 24, 2016  Collagen ... the design, development and manufacturing of collagen and ... regeneration announced today that Bill Messer ... and Marketing to further leverage the growing portfolio ... medical devices. Bill joins the Collagen ...
(Date:6/24/2016)... DUBLIN , June 24, 2016 ... and Markets has announced the addition of the ... their offering. ... products and provides an updated review, including its applications ... covering the total market, which includes three main industries: ...
Breaking Medicine Technology: