It’s no fun to think about getting sick and needing long-term care insurance. So here’s a happier thought… If you’re in business, you can probably claim a huge tax deduction for long-term care insurance. In fact, you might be able to claim a 100% deduction. And if you’re married, the 100% deduction can include your spouse! With the cost of long-term care skyrocketing, now’s … [Read more...]
Section 105 medical plan
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Section 105 deductions for owners of multiple businesses
Do you and/or your spouse own more than one business? If you do, you have to know how to apply the Section 105 medical reimbursement plan discrimination rules. First and foremost, you have to look at all the businesses you own as if they were one business. And that’s just for starters. It’s easy to find out more. All you have to do is read my new article titled Tax … [Read more...]
Does an S Corporation make sense for you?
When you’re choosing a tax-deduction entity for your business, there are many ways to go. You can set up your business as an S corporation, sole proprietorship, single-member LLC, or C corporation. But which one is right for you? Which meets your specific needs and goals? In my new article, the fourth in a series that began in November, 2011, we’ll take a close look at the S … [Read more...]
The right way to save with a Section 105 plan
Section 105 of the Internal Revenue Service (IRS) regulations lets you reimburse medical expenses under an employer-sponsored health plan. You can even reimburse your employee-spouse. But you have to know what the rules are! In my new article I’ll explain how the appeals court remand of the Shellito case clarifies the Section 105 plan requirements for both employer-spouse and … [Read more...]
How to add deductions to your HSA?
Why is the Health Savings Account (HSA) so popular? Because, as you may know, it’s a great way for you to claim a tax deduction for the money you put into your HSA without itemizing deductions. What’s more, that money grows tax deferred inside the HSA. What you may not know is that you can add a Section 105 Plan, FSA, or HRA on top of your HSA if you understand the tax law. … [Read more...]