I’ve got great news for you if you’re…
Married and operate your business as a sole proprietor, with no employees
[OR]
Married and operate your business as a single-member LLC, taxed on Schedule C of your Form 1040 and have no employees
If you are in one of these two groups, I urge you to consider hiring your spouse and create a 105-Health Reimbursement Arrangement (HRA) plan.
Why? Because you can deduct your long-term care insurance premiums and all other medical expenses by employing your spouse in your Schedule C business.
Want to learn how to come out a winner without spending a penny? Read my new article titled Q&A: 100% Deduction for Long-Term Care Insurance with 105-HRA!
Three ways our fact-filled article can help you:
- We’ll explain who can’t deduct health insurance using the employee-spouse 105-HRA. If you have insurance paid for by an employer, former employer, or through a pre-tax plan, you can’t use the 105-HRA plan to deduct the insurance because you either (a) didn’t pay for the insurance or (b) already received a tax benefit (pre-tax plan). In other words, no double dipping. Get the whole story when you read the full article.
- We’ll tell you the great advantage of the 105-HRA plan. To put it simply, there are no dollar limits on the family benefits the plan can provide to your employee-spouse (family includes you). We’ll give you all the details when you read the full article.
- You’ll learn why there’s more good news when it comes to long-term insurance. A 105-HRA plan can pay the full long-term care premiums paid by both you and your spouse. And you don’t face deduction limits. To learn more about what a 105-HRA plan can do for you, read the full article.