2015 & 2016 TAX DEDUCTIONS FOR LONG TERM CARE INSURANCE PREMIUMS

Self-employed individuals can deduct tax-qualified long-term care insurance premiums as a trade or business expense.

They do not need to consider the 7.5% adjusted gross income threshold that limits individual deductions.  (IRC #162(1))

The tax deduction is allowed for the self-employed individual, for his or her spouse and other tax dependants according to each individual’s age based limit.
(Premiums can also be paid from HSAs)

C-Corporations benefit from complete (100%) deductibility of tax-qualified long-term care insurance protection as a business expense similar to traditional health and accident insurance premiums.