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Financial Planning > Tax Planning > Tax Deductions

Long term care guides available

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The American Association for Long-Term Care Insurance announced their publication of two new guides explaining 2010 tax deductibility rules and limitations. The booklets, which are intended for individuals and business owners interested in purchasing long-term care insurance, come just as the federal government has begun offering tax deductions and incentives for such purchases.

“Tax deductions and credits are going to be increasingly important and a most significant selling point insurance and financial professionals can use to encourage long-term care planning,” says Jesse Slome, Executive Director of the American Association for Long-Term Care Insurance.

The first booklet, “Guide to Tax Deductible Long-Term Care Insurance,” highlights tax rules for individuals, self-employers and small business owners and discusses applicable rules like limits for allowable tax deductions.

The second guide, “Accountant’s Guide to Long-Term Care Insurance,” provides everything from Internal Revenue codes pertaining to a variety of tax deductibility rules to the updated 2010 age-based limitations for long-term care insurance tax deductions.


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