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Long-term care insurance premiums are indeed tax deductible, though there some rules you’ll need to know before you rush off to file your return.
Tips and resources for memory care tax deductions. To prepare for tax season, Denise Lettau, an attorney with over 15 years of experience in the wealth management industry, recommends asking your ...
Plus, if you plan to claim additional medical and dental expense deductions, you will need to itemize your deductions. A tax professional can help ensure you file your taxes correctly, and they ...
It is one of the most important provisions in the Code, because it is the most widely used authority for deductions. [1] If an expense is not deductible, then Congress considers the cost to be a consumption expense. Section 162(a) requires six different elements in order to claim a deduction. It must be an 1) ordinary 2) and necessary 3) expense
If the taxpayer claims the standard deduction for regular income tax, he or she cannot itemize deductions for the AMT. Thus, for a taxpayer who pays the AMT (i.e., their AMT is higher than regular tax), it may be better to itemize deductions, even if it produces a result that is less than the standard deduction.
Long-term care insurance (LTC or LTCI) is an insurance product, sold in the United States, United Kingdom and Canada that helps pay for the costs associated with long-term care. Long-term care insurance covers care generally not covered by health insurance , Medicare , or Medicaid .