Save $5,000 A Year On Your Taxes With A Health Reimbursement Arrangement (HRA)
During tax planning season I like to look for tax savings opportunities for taxpayers. I look back at the filed tax returns to analyze any potential benefits my clients can receive for the upcoming tax year. If you own a business, you may be a good candidate for a Section 105 Health Reimbursement Arrangement (HRA) Plan (known as BizPlanNOW).
If you qualify, an HRA (Health Reimbursement Plan) under section 105 of the IRS code, offers a means for business owners to deduct 100% of their health costs as a business expense. This could include your insurance premiums for health, long-term care, vision, dental, and your entire out of pocket expenses. Typically a self-employed business is only allowed to deduct his personal health insurance as an adjustment to income or an itemized deduction, not as a business expense. The ability to utilize these expenses as a business deduction offers savings of self-employment tax in addition to income taxes.
The ability to deduct these items is a significant factor in reducing your tax liability.
I am working with Todd Kuehn, our representative from Total Administrative Services Corporation (TASC) to provide you with the opportunity to learn more about this valuable service, and to sign up for a HRA Plan if you qualify. TASC has been administering Section 105 plans for over 25 years and has a great deal of experience with business owners.
If you would like to learn more about the benefits from BiziPlan and tax savings from an HRA plan, please fill out the enclosed FREE Tax Savings worksheet. Todd can help you calculate what your annual tax savings would be by implementing a Biz plan. Todd can be reached at 602-690-3175 or [email protected]
We will have Todd follow up with you to determine if you qualify and how much your tax savings would be. This is an excellent option to your ever-increasing Health care costs.
AgriPlanNOW and BizPlanNOW enable qualified small business owners to deduct 100% of federal, state, and FICA taxes for family medical costs, and on average save $5,000 or more a year! Key to these savings is the ability to declare medical expenses as a business expense rather than a personal deduction. Click image to learn more and then click on link for “Get a FREE Tax Savings Analysis”.
Sign up for a BizPlanNOW Section 105 plan today! and fill in the contact information. Todd or one of his team will help you calculate your potential tax savings from implementing BizPlanNOW, and you can make an informed decision about whether or not this HRA program is for you.