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Are insurance premium tax deductible?
Insurance premiums may be tax-deductible depending on the circumstances. For instance, health insurance premiums, including those for long-term care insurance, can be deductible if they exceed a certain percentage of your adjusted gross income and you itemize your deductions. For businesses, premiums paid for employee health plans, professional liability insurance, and business property insurance are generally deductible as business expenses. However, personal life insurance premiums and premiums for policies that protect personal property are not deductible. It’s always a good idea to consult with a tax professional to understand the specifics of your situation and ensure compliance with IRS regulations.
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