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	<title>New answer on: Is The Cost Of Long Term Care Insurance Tax Deductible?</title>

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		<title>By: William Bridgers</title>

		<link>https://insurancelibrary.com/long-term-care-insurance/is-the-cost-of-long-term-care-insurance-tax-deductible</link>

		<dc:creator>William Bridgers</dc:creator>

		<pubDate>Wed, 19 Jun 2013 15:15:42 +0000</pubDate>

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		<description><![CDATA[Could be.&#160; Since I am not a certified accountant, I cannot give tax advice but here are the parameters for possible tax-advantaged treatment to discuss with a tax professional: 1.&#160;Every year the IRS publishes the formula of percentage of premium by age that can be used for favorable tax treatment on the 1040 tax return.&#160; This formula is updated on various tax preparation software programs every year and certainly qualified tax advisors know what it is.&#160; It is also public information that can be obtained at various websites.2.&#160; If the premium causes one to exceed the minimum percentage of health care costs on Schedule A, that amount above the minimum percentage could be deductible.3.&#160; If one is a business owner, the above mention formula may be used on Schedule C to determine the deduction allowable as an amount paid for health insurance premiums.4.&#160; C-corps may be able to ignore the IRS formula and deduct 100% of the long-term care insurance premium on Schedule C.There may be other situations in which the payment of LTCi premium is treated in a tax-favorable manner. This is a topic for discussion with a qualified tax advisor before a consumer should make any assumptions about the tax treatment of the payment of long-term care insurance premiums.]]></description>

		

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