I want to ask you an extremely important question.
Are you a small-business owner with fewer than fifty employees?
If you are, then take my advice…
You should definitely have a medical-plan for your business in place before 2021 rolls around!
Why? Because having a medical plan makes for a happy workforce and, in the right circumstances, can save you a lot of money!
Oh yes. I know. The IRS doesn’t require that you have a medical plan when you have fewer than 50 employees, but believe me, you definitely should have one.
What strategies can you use to maximize your savings before this year ends? To find out…
Read the full article
“2020 Last-Minute Year-End Medical Plan Strategies”
The six strategies we’re outlining below, really require a fuller explanation than we can provide in this email. (No space!) To get the whole story in detail, I urge you to act now and…
Here are the six strategies
you can put to use right now.
Strategy #1: Claim the Coronavirus Sick and Family Leave Tax Credits. If this is available to you, it gives you a dollar-for-dollar tax benefit for what you have already done.
Strategy #2: Reimburse 105 Expenses Now. If you previously put your Section 105 medical reimbursement plan in place, make sure the reimbursements are made before midnight on December 31. That way, they’ll qualify as business deductions this year.
Strategy #3: Reimburse QSEHRAs before December 31. If the spouse-only 105-HRA won’t work for you (and you have fewer than 50 employees), the QSEHRA is an excellent option.
Strategy #4: Reimburse ICHRAs before December 31. You should know that there’s a new health-plan option that became available in 2020. Be sure to check it out.
Strategy #5: Comply with S Corporation Rules for the Health Insurance Deduction. If you’re the owner of an S corporation, make sure you comply with two important requirements before December 31. We’ll tell you what they are when you read the full article.
Strategy #6: Claim the Health Insurance Tax Credit. If you currently provide health insurance as a fringe benefit for your employees, you may be eligible for this valuable tax credit.
To get detailed advice on how to make these
strategies work for you,
read the full article