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Long Term Care Taxation
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| In all cases it appears premiums paid for employees
and their spouses are fully deductible. The Internal Revenue Service has announced the limitations on deductibility of long-term care insurance premiums from taxes. 2007 limitations on the deductibility 2008 limitations on the deductibility 2009 limitations on the deductibility 2010 limitations on the deductibility 2011 limitations on the deductibility 2012 limitations on the deductibility 2013 limitations on the deductibility 2014 limitations on the deductibility Since owners of a C-Corp are technically employees, premiums paid for themselves and their spouses appear to be fully deductible. Furthermore, there are no discrimination rules. Benefits for long term care are received on a tax-free basis under present law. The above assumes the contract is qualified. Further information on deductibility of premiums. Georgetown taxation paper Source: on deductibility - UNUM (a guide to tax issues LTC158-01/2006). On tax limitations - www.elderlawanswers.com. This is not tax or legal advice, deductions under some arrangements can be complex and your tax advisors involvement is necessary. In all cases please consult with your advisors for final determination of deductibility and taxation. We believe this information to be accurate but, we do not warrant or guarantee the accuracy - Always consult with your tax advisor prior to acting. |
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