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Keep in mind the following rules when it comes to medical expenses which can include any long term care premiums you have paid in 2017.
- Premiums that you pay for long term care insurance are tax deductible if they along with other unreimbursed medical expenses exceed 7.5% of your Adjusted Gross Income. (Public Law 115-97, the Tax Reform Act of 2017, enacted on December 22, 2017)
- If you are self-employed the above rules do not apply and you can deduct the premiums as long as you made a profit. Here are the 2017 limits:
Fahmy & Associates, Inc, does not provide tax or legal advice. The tax information and tables above are for illustrative purposes only and are not intended as tax, accounting or legal advice. Fahmy & Associates, Inc. does not guarantee or accept liability for the accuracy of this information. Please consult with a licensed CPA or ax attorney for more information.