If you
are a business owner who legitimately employs your
spouse, you might be able to take advantage of the
IRS Code Section 105 Medical Reimbursement provision
and SAVE ON YOUR TAXES!
When we found out about this program
we were blown away and have probably saved many thousands
on dollars over the past few years.
Here are TWO ideas/programs you
need to understand to take advantage of these tax
code savings. They are:
1. What is the IRS Code Section
105 Medical Reimbursement provision
2. How a BizPlan from TASC (Total
Administration Services Corporation) helps you take
advantage of this tax code provision.
Under the IRS Code Section 105
Medical Reimbursement provision, which was originally
written for farmers, a business owner can offer her/his
spouse, who legitimately works for the company in
exchange for a paycheck, a very generous benefits
package. This can include:
- 100% reimbursement for all health
insurance premiums, including long term care and disability
- 100% reimbursement for all out-of-pocket
medical expenses including dental and vision
- Reimbursement of term life insurance
premiums up to $50,000 in coverage.
And under that benefits package,
the spouse/employee can also be reimbursed for qualified
expenses for all his/her family members. Which would
include you, the business owner. A 100% family reimbursement.
All of these reimbursements are
then 100% tax deductible for the business, which is
where the tax savings come in. It’s like giving
yourself a 30% (or more) discount on all your medical
expenses.
HOWEVER… in order for the
business to qualify to take these deductions, certain
tax forms must be filed, procedures followed, compliance
maintained, and hoops jumped through.
It is the IRS we’re talking
about after all!! They certainly don’t make
it easy. |
