It’s that time of year again, Open Enrollment! This time of year, BASE® offers our customers the opportunity to look at their small business and see what they could be doing to save more money. Is your business utilizing every possible tax saving option? Don’t worry, BASE® is here to help! Our products offer various tax saving options. Plus, once a year we give our customers the chance to check their plan, make changes and look forward to the new year.
Every year from October through December, a BASE® representative will walk you through your specific plan and makes changes if needed. New address? New business structure? If changes need to be made, BASE® will be able to update your plan for the following year.
One major change that is important to communicate during Open Enrollment is whether there has been a change from group to individual or individual to group health insurance. This change can greatly affect the plan design and available benefits through BASE® products. BASE® offers many products to help you or your clients save tax dollars. Along with saving money, we make sure your plan stays in compliance.
With these compliance checks, your business does not have to worry about Affordable Care Act penalties. BASE® can answer all of your ACA questions and how it relates to your plan, so you have peace of mind all year long!
Open Enrollment may be only once a year, but BASE® is always here to help!
Fall is in the air, which also means looming expenses with the upcoming holiday season, as well as an increase in utility bills. That makes this time of year the perfect time to consider money saving benefit and tax planning strategies.
One thing small business owners should consider is a Section 105 Health Reimbursement Arrangement (HRA). An HRA allows self-employed business owners an opportunity to save thousands in tax dollars on family medical expenses. The average BASE® HRA client saves over $4,500 each year!
A BASE® client out of Lenox, IA stated, “We depend on our CPA to provide us with every legitimate tax deduction we can get. That is why we have been using the BASE® Health Reimbursement Arrangement (HRA) to deduct our medical expenses each year. The HRA makes a big difference in the amount of income taxes we have to pay – all money out of our pocket.”
BASE® has worked closely with tax advisors and insurance professionals across the country to offer this tax saving program to qualified small business owners. With rules and regulations being handed down by the Department of Labor and Internal Revenue Service continually changing, these busy professionals rely on BASE® to help keep their clients in compliance.
Fall is the perfect time of year to consider the Section 105 HRA. As business owners prepare to meet with their accountants, this is a great time for small business owners to see if they are going beyond the standard deduction and utilizing a Section 105 HRA to deduct their medical expenses from their business return.
While small business owners can enroll in the BASE® HRA any time during the year, why not fall into savings now with BASE®!