Sure. Health insurance premiums are sky high.
But if you have a properly planned and executed Section 105 plan, you don’t have to worry.
You see, this plan works like magic, turning your medical expenses into tax-favored business deductions that save on both income and self-employment taxes.
You’ll get all the details when you read my new article titled Tax Tips: Make Magic with a Section 105 Plan.
Three ways our fact-filled article can help you:
- You’ll learn why hiring your spouse is a very smart move. My suggestion? Hire your spouse as an employee of your single-member LLC (taxed as a proprietorship). When you do, you won’t pay your spouse a W-2 wage for her/his work. Instead, your spouse’s total compensation package will consist of Section 105 medical plan reimbursement benefits for your insurance, plus more. You’ll get all the details when you read the full article.
- We’ll explain why using time sheets is so important. Make sure your employee-spouse submits signed time sheets on a weekly basis. The time sheets should provide a description of the work performed and the hours worked on a daily basis. This provides proof to the IRS that your spouse is a real employee of the business as we’ll explain when you read the full article.
- We’ll tell you why you should pay close attention to your checking accounts and reimbursements. Get things wrong and you could be in hot water fast. That’s why we’ll provide you with a five-item check list designed to keep you in Uncle Sam’s good graces. You’ll get the whole story when you read the full article.