5 Insurance Tax Deduction Tips

I was interviewed on MyFoxNY TV on this subject, and I want to share with you my top 5 insurance-related tax deduction tips.

1 – NY state income tax credit of 20 percent of your premium for Tax qualified Long term care. Make sure you let your CPA knows that your paying premiums for your Long Term Care Insurance.

2 – Keep receipts for all un-reimbursed medical expenses, as if they exceed 7.5 percent of your adjusted gross income, the excess above the 7.5 percent is tax deductible.

3 – Costs for geriatric care management, cost of an aid, costs for deductibles, co-pays, medical supplies etc and most other related expenses are potentially deductible against federal income tax. This is more relevant now then ever as people are living longer and longer and costs for health care is increasing at a very high rate.

4 – Premiums for tax qualified Long Term care based upon age, are potentially deductible against your Federal income taxes.

5 – The key is to keep track and bring these receipts, policies, and records to your CPA or Accountant to make sure you take advantage of all potential deductions.

Hope this helps.