I have a small business that has a profit. I can deduct the cost of long term care insurance for both myself and my wife? Even if my wife has another job?

[Felix999]

Along that same line, I can deduct Medicare premiums if my business shows a profit?

[MaryK1 · Accepted solution]

Yes, you can include premiums paid on a qualified longterm care insurance contract when figuring your health insurance deduction. But, for each person covered, you can include only the smaller of the amount paid for that person OR the amount shown below. (Use the person's age at the end of the tax year.) and you can only claim up to the net income for the business.

Age 40 or younger–$390

Age 41 to 50–$730

Age 51 to 60–$1,460

Age 61 to 70–$3,900

Age 71 or older–$4,870