Medical reimbursement plans to benefit the smallest businesses.
Some businesses start small and stay small, by design. You may own such a business. Perhaps things begin and end with you, or maybe you employ one other person – your spouse. If this is the case, you should know about Section 105 plans.
If you want to lessen your tax liability and create an expense account to meet unanticipated medical costs, consider doing what other microbusiness owners have done: set up a Section 105 plan.
Tagged: affordable care act, C-corp, CFGIowa.com, cornerstone financial group, deduct 100%, federal taxes, FICA taxes, health premiums, insurance premiums, Internal Revenue Code, life and disability insurance premiums, LLC, Medicare taxes, Michael Moffitt, microbusiness, mikem@cfgiowa, out-of-pocket medical expenses, S-corp, self-employed, small business, small business owner, Special Message, state taxes.
‹ Is now the time to sell your business?