Principal Advisor, Brokerage Consulting, Flemington NJ
Hello,
If you are a C Corp., and pay through your business, 100% of the LTC premium will be a deduction. If you are any other business form, like an S Corp or LLC, you would obtain the same tax benefits as anyone else, which is a portion of the LTC premium (depending on your age), in conjunction with your other medical expenses, being a write off to the extent that these costs exceed 75% of your adjusted gross income.
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If you are a C Corp., and pay through your business, 100% of the LTC premium will be a deduction. If you are any other business form, like an S Corp or LLC, you would obtain the same tax benefits as anyone else, which is a portion of the LTC premium (depending on your age), in conjunction with your other medical expenses, being a write off to the extent that these costs exceed 75% of your adjusted gross income.