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Your Long-Term Care insurance premium may be eligible for a tax deduction on federal taxes, deducted as a business expense if you own your own business, and a tax credit in some states, including Oregon. This may also include premiums you pay on behalf of a family member, such as a parent or child.
Make sure to provide proof of payment for any Long-Term Care premium you paid to your tax advisor. They will know how to apply any deductions/credits that you may be eligible for at both the state and federal level for personal and business returns.
Please note: The information is not to be interpreted as specific legal or tax advice. When a tax question arises, it is always best to consult with a tax advisor.
Becky Wehrli, CLTC
503-758-5725