A new guide from the American Association for Long-Term Care Insurance address new 2010 rules and tax deductible items for individuals and business owners purchasing long-term care insurance.
Los Angeles, Calif. (PRWEB) November 23, 2009-- A new guide explains 2010 tax deductibility rules and limits for individuals and business owners purchasing long-term care insurance.
The "Guide To Tax Deductible Long-Term Care Insurance" was published by the American Association for Long-Term Care Insurance, the industry trade group.
"To encourage individuals and small business owners to purchase long-term care insurance the federal government and many states have started offering tax deductions and tax incentives," said Jesse Slome, Executive Director of the American Association for Long-Term Care Insurance. Some 8.25 million Americans currently have long-term care insurance purchased on an individual basis or through their employer.
The new guide explains tax rules for individuals as well as those who are self-employed or own small businesses. The applicable rules vary including limits for allowable tax deductions.
Tax-deductible limits for individuals can be as much as $4,110 per-individual starting in 2010 based on age.
"Small business owners can take advantage of special tax rules that may make the full cost of long-term care insurance tax deductible," Slome said. "The business can even pay for spouses and designate coverage for selected employees on a tax-advantaged basis."
The guide's information providing federal tax deductibility limits and state-by-state deductibility rules can be viewed online on the Association's website: http://www.aaltci.org/tax.
The American Association for Long-Term Care Insurance is the national association serving insurance and financial professionals who provide long-term care financing solutions. The organization is headquartered in Los Angeles, Calif.
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