HRAs Offer Big Tax Savings for Small Business Owners

June 6, 2019

As health care costs continue to skyrocket, employee benefit programs have become more valuable than ever. To help you combat rising health care expenses, Wymer Brownlee Wealth Strategies has partnered with Total Administrative Service Corporation (TASC), a third-party benefits administrator, to bring you their AgriPlan and BizPlan Health Reimbursement Arrangement (HRA) programs.

Get big tax savings with TASC HRAs.
HRAs let small business owners deduct 100% of their family’s health insurance premiums as business expenses — plus out-of-pocket medical, vision and dental expenses not covered by insurance. With TASC HRAs, savings total more than $5,000 each year, on average! An extra benefit: Both plans are backed by an audit guarantee, which ensures all IRS requirements are met.

Who’s the best fit for AgriPlan or BizPlan?
A Sole Proprietor, filing tax form Schedule F or C, who can employ a spouse and does not have any additional non-family employees is the ideal candidate for these plans. The spouse doesn’t have to be employed full time, and there are ways to exclude other employees from receiving the benefit plan if necessary.

TASC’s Microbusiness specialists can help you determine whether other employees can be legally excluded from being offered the benefit plan, or how many hours a spouse might need to work in order to meet reasonable compensation expectations.

Companies with other filing statuses (C-Corporation, Limited Liability Company, S-Corporation or Partnership) may also be eligible to enroll in a plan but might have different requirements.

TASC Universal Benefit Account™
Does your business have multiple employees? TASC recently launched the Universal Benefit Account.™ This is a smart, easy and connected way to manage benefits that can grow right alongside your business.

Talk with your tax advisor about how these programs can save taxes for your small business.

 

Blog by Heath Hampton, TASC representative.

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