A free tax guide explaining the tax deductibility rules pertaining to long-term care insurance protection for individuals and business owners may be obtained by call Berry at First Hawaiian Bank, 329-3008. Long-term care premiums may be deductible ADVERTISING The Internal
Long-term care premiums may be deductible
The Internal Revenue Service has announced increased deductibility levels for long-term care insurance in 2007.
“The higher deductions offer a significant tax advantage to individuals and especially business. People are unaware that they may be able to fully deduct the cost of long-term care insurance protection,” said Pat Berry, financial services consultant at First Hawaiian Bank.
Business owners may be able to fully deduct the cost of long-term care insurance protection for themselves and spouses. Individuals may deduct eligible long-term care premiums includable in the term “medical care.”
A free tax guide explaining the tax deductibility rules pertaining to long-term care insurance protection for individuals and business owners may be obtained by call Berry at First Hawaiian Bank, 329-3008.
