For taxable year beginning in 2018, the limitations regarding eligible long term care premiums includible in the term ‘medical care”, are as follows:
|Attained Age Before the Close of the Taxable Year||Limitation on Premiums|
|40 or less||$420|
|More than 40 but not more than 50||$780|
|More than 50 but not more than 60||$1,560|
|More than 60 but not more than 70||$4,160|
|More than 70||$5,200|
This is quite a lot more to the possible tax deductions for long term care insurance. Business’ have a wide range of choices. LTCI is one of the few perks available for a business owner and corporate executives. Give me a call to discuss how you can protect your income in retirement, and possibly lower your personal taxes during your working years.