TAX ALERT – A Big Deduction Many Taxpayers Miss: the Cost of Long Term Care Insurance
KIRKLAND, Wash. — As the end of the tax year approaches, millions of Americans may neglect a hefty deduction, the cost of long term care insurance, according to LTC Financial Partners LLC, the nation’s most experienced long term care insurance brokerage.
For some people, especially business owners, the tax breaks can be quite substantial, Cameron Truesdell, CEO of LTC Financial Partners, emphasizes. “Bottom line, it can be like getting the coverage for practically nothing,” he says, “and in most cases Uncle Sam will defray at least part of the cost.”
*(Photo Caption: LTC Financial CEO Cameron Truesdell.)
“People with long term care policies can deduct a sizeable chunk of their premiums,” says Truesdell, “but many do not know this. They’re passing by hundreds to thousands of dollars.”
According to section 213(d)(10) of the Internal Revenue Code, the 2006 deductible amounts can be as high as –
– $3,530 if you’re 70 or over*
– $2,830 if you’re over 60 by not over 70*
– $1,060 if you’re over 50 but not over 60*
– $530 if you’re over 40 but not over 50*
– $280 if you’re 40 or under*
*Before end of taxable year
How can you learn the exact federal and state tax breaks that apply in your case? “It usually takes two experts to find out for sure,” says Truesdell, “your tax accountant and a specialist who keeps up with the latest LTC legislation. People can start by contacting an expert at the LTC Hotline.”
The LTC Hotline, manned by Truesdell’s organization, consists of 200-plus specialists in all parts of the country, who give quick estimates and then, if the caller wishes, confer with the caller’s tax preparer. There is no charge for this service.
The LTC experts with their local numbers may be found at http://www.ltchotline.com/taxbreaks.html.
[tags]tax breaks for healthcare, long term care insurance, ltci information, ltc hotline, cameron truesdell[/tags]
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ABOUT THE EDITOR: Tabitha Angel Berg is an aspiring author and musician and joined eNewsChannels in Nov. 2006 as an editor and mistress of the content management system. She likes ferrets better than cats and tea better than coffee, and is still waiting on the perfect ebook reading device.
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