Take Long-Term Care Deduction This Tax Season
NEW YORK (BankingMyWay) Taxpayers who pay for long-term care insurance and who don't take available deductions on that insurance are leaving money on the table that Uncle Sam is only too happy to grab.
Most American don't realize they can deduct long-term care insurance on their taxes, which means they're missing out on thousands of dollars in savings.
An individual can deduct as much as $4,660 for long-term care insurance premiums paid in 2014, says Jesse Slome, director of the American Association for Long Term Care Insurance. The maximum for 2013 is $4,550.
In general, the older you are, the easier it is to qualify for the deduction.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV