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:5/27/2016)... ... 27, 2016 , ... More than a third of American adults are considered ... surgery has received increased attention in recent years, as an article published ... weight loss, most people are familiar with the basic requirements of maintaining a healthy ...
(Date:5/27/2016)... York, NY (PRWEB) , ... May 27, 2016 , ... ... campaign returns for a third time to shed lights on the variety of topics ... and inspirational stories, “Nurse Appreciation” tackles why this career has gone from being in ...
(Date:5/27/2016)... ... May 27, 2016 , ... In ... the many who are unaware of the plight of aphasia. In collaboration with ... the “Stroke Awareness” campaign. , The link between stroke and aphasia is relatively ...
(Date:5/27/2016)... (PRWEB) , ... May 27, 2016 , ... ... in scholarships to students studying complementary medicine. Allison Outerbridge is this year’s ... her award on May 18 at the university’s Student Leadership Awards ceremony. , ...
(Date:5/26/2016)... , ... May 26, 2016 , ... W.S. Badger ... has been honored with a 2016 When Work Works Award for its use of ... of the national When Work Works project administered by the Families and Work Institute ...
Breaking Medicine News(10 mins):
(Date:5/24/2016)...   , Study met ... bowel cleansing and superiority in , ... of the ascending colon   ... Norgine B.V. today announced new positive data from the phase ... preparation) versus standard 2 litre PEG with ascorbate. The study met ...
(Date:5/24/2016)... May 24, 2016  NxStage Medical, Inc. (Nasdaq: ... on advancing renal care, today announced that Jeffrey ... in the following schedule of investor conferences. Where applicable, ... at http://ir.nxstage.com/ .   ... Conference NY, NY           Friday, June 10, 2016 1:30 ...
(Date:5/24/2016)... HONG KONG , May 24, 2016 ... , the world , s ... and AV fistula intervention   OrbusNeich, a ... solutions, has expanded its portfolio to include products to ... balloons are the company,s first entry devices for lower ...
Breaking Medicine Technology: