How do long-term care insurance tax deductions work for those who are self-employed?

In most cases, health insurance premiums, including those for long-term care, are tax-deductible for self-employed taxpayers, allowing you to deduct 100% of your out-of-pocket long-term care insurance premiums up to the age-determined amount. This is true for policies covering yourself as well as those for your spouse and any dependents you claim.

While there are no specific thresholds that must be met in order to make deductions like this, you are not allowed to make them during any month in which you or your spouse is eligible to participate in a subsidized long-term care insurance plan through an employer. The deduction also cannot exceed the income that you collect from your business. Provided you meet these requirements, these write-offs are available regardless of whether you have itemized your deductions. Write-offs like these can be great because they lower your adjusted gross income, which increases your chances of receiving certain tax breaks. However, the way that these deductions work also means that you cannot deduct the premiums when calculating your self-employment tax liability.

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How do long-term care insurance tax deductions work for those who are self-employed?

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