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IRS Issues New Long-Term Care Deductibility Rules for 2019

Long-Term Care Deductibility Rules for 2019

The IRS has increased the amount of income taxpayers can deduct from their 2019 if they’ve purchased long-term care insurance.

“Qualified” long-term care insurance premiums are tax deductible as long as they – along with other unreimbursed medical costs – exceed a certain amount of your adjusted gross income.

In the last two years, that amount was 7.5 percent of AGI, but the number is expected to jump to 10 percent in 2019.

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How Will the New Tax Law Affect You?

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Signed into law late in 2017, the Tax Cuts and Jobs Act slashed the corporate tax rate from 35 percent to 21 percent.

Proponents of the law say it will stimulate the economy and create jobs, but how does it actually affect you? We should also note that everything we describe below will end after 2025, assuming legislators don’t vote to extend the cuts.

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