Single Member LLC and Long Term Care (LTC) paid with Single Premium

[Wise]

Hi, have a Single Member LLC and purchased LTC for myself and husband.  To avoid finance charge and potential annual premium increases we paid a lump sum for our LTC.  As a single member LLC is it possible to consider the whole payment as an expense vs. just the annual limit?

Thanks!

[DMarkM1]

No.  You can only deduct long-term care premiums paid in the tax year as a medical expense up to the annual limits; however, that is per person covered.  So you can deduct up to the limit for you and then in addition up to the limit for your spouse.  

Here is a link with more information if needed.