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Section 105 HRA – The Time is Now to “Fall” Into Tax Savings!

With summer winding down, it is time for farmers to start preparing for the colder months! Growing up on a farm, I always knew that fall had officially arrived when harvest started. Combines and empty fields were signs that fall had begun and farmers were in the midst of their busiest time of year. During harvest, farmers are putting in long hours and late nights to get all their work done in a short amount of time. While most start preparing months in advance, there always seems to be an inevitable cost that comes up. They may have to hire more help or repair equipment; this time of year can be expensive. Luckily, there are ways for the family farmer to save money with creative benefit and tax planning strategies.

BASE® has creative money saving benefit strategies, like the Section 105 HRA. The average BASE® HRA client saves $4,700 each year. This plan allows small business owners the opportunity to deduct up-to 100% of health care costs, including individual insurance premiums and qualified out-of-pocket medical expenses. Using BASE® products will not only allow farmers to save valuable tax dollars, but they also provide peace of mind when concerning IRS, DOL and ERISA rules and regulations.

BASE® is able to help the family farmer yield more of their hard earned money through tax savings. Many family farms have utilized this benefit option and have seen great results. David and Colleen are one example of a self-employed farming team that has seen success by utilizing a Section 105 HRA.

“As a self-employed farming team, a husband and wife can utilize the employer-employee relationship, with qualified documentation of compensation and reimbursement methods, to create additional tax savings each year with the BASE® HRA,” according to Colleen. “With drastically increased health insurance premiums and health care costs, every dollar saved is important.  That is why taking advantage of this benefit is so important, especially when the BASE® HRA allows us to legitimately deduct our health insurance premiums.”

From the guidance offered the very minute they enrolled in the plan to the necessary documentation, they felt everything was very easy to understand.  The best part is when they receive their BASE® HRA Annual Summary Report at the end of each year to provide to their tax preparer, which makes it possible for them to deduct well over the $4,700 in tax savings clients average each year.

 “We highly recommend the Section 105 BASE® HRA to create a means to save on your taxes each year. If you are a self-employed farmer, business owner, or own a small company, BASE® has many HRA options available for you to inquire about.”

BASE® works with tax advisors and insurance professionals across the nation, making sure they are up to date on the latest changes and advising them on products to fit the needs of their clients. The BASE® HRA is a great option for those looking to go beyond the standard deduction, and just one of the many money saving benefit and tax planning strategies available.

No matter the business type, call BASE® to learn more about Section 105 HRAs and other creative benefit strategies during these autumn months and fall into savings.

Your One Stop Human Resource Solution

Whether you are the head of HR or a small business owner without an HR department, dealing with human resources challenges are hard.  It is an ever-changing, complex environment that may make you think that you need to be an expert in everything.  Take a little stress off of yourself by subscribing to hr360 by BASE®.  This online HR library will keep you up-to-date with a constantly-changing business world.  You can trust that when you get information to use around your office from hr360, it is right!

BASE® hr360 is an HR solution with sections dedicated to helping businesses, like yours, comply with HR compliance and major laws.  The easily accessible HR library gives instructions to stay in compliance with Health Care Reform, COBRA, and FMLA.  It's an HR resource at your fingertips, helping you every step of the way, all in one place.

The library has clearly-marked sections that contain a wealth of information that is developed and updated by a team of attorneys.  The 11 sections are designed to assist on:  Employee Benefits, Health Care Reform, Human Resources, Recruitment & Hiring, Discipline & Termination, State Employment Laws, Forms & Policies, Online HR Apps & Tools, Resource Center, Safety & Wellness, and HR Training Videos.

According to Atlas Staffing, companies struggle with many things, but there is one area they find challenging - HR.  Here are a few of the biggest HR challenges, along with some great solutions hr360 can help you implement immediately into your business.

Compliance with Laws and Regulations - employment laws change from time to time and staying up-to-date can be hard to stay on top of.

hr360 SOLUTION:  No matter the size, hr360 will help any business adhere to HR rules and regulations.

Did you know that many federal and state requirements apply to companies with as few as one employee? 

Compensation - it can be a struggle to find the best way to structure employee's compensation in the business. 

hr360 SOLUTION:  the hr360 library has a feature called the Salary Benchmarking tool.

Did you know you can enter in all the credentials and hr360 can help you decide how much your employee is worth?

Understanding Benefit Packages - Rising healthcare costs, the Affordable Care Act, and the latest 21st Century Cures Act - a lot of health reform, rules, and regulations that can be hard to interpret and share with your employees.

hr360 SOLUTION:  the online library has info dedicated to Health Care Reform to help serve as a guide. Plus, BASE® not only has a resource for all things HR, but also has other services such as Health Reimbursement Arrangements (HRA) and Cafeteria Plans that can help business owners contain the cost of health care.

Did you know that these types of benefits are extra perks that are extremely popular and are a great way to enhance your current benefit package and retain quality employees?

Recruiting Talented Employees:  it's hard for different types of businesses to balance between keeping the business running and recruiting new employees. 

hr360 SOLUTION:  the hr360 online library has a specific tab for Recruiting and Hiring that could make finding the right employee at the right time easier?

Did you know that by following the hr360 Recruiting and Hiring platform it can help save you time and money?

Workplace Diversity - In every business there are multiple generations, ethnicities, and cultural differences.  The risk for lawsuits in a workplace is REAL. 

hr360 SOLUTION:  another great tab in hr360 is the training videos.  There are great videos dedicated to dealing with certain employees and types of harassments.

Did you know that legal fees brought on to defend a wrongful discharge or harassment lawsuit by an employee can more than exceed the price of your annual hr360 subscription?

Not sure about hr360?  Take a look at what people are saying!

"If I want to stay in business, I need a quality HR toolbox and HR vendor.  hr360 is a bargain for the money."

"hr360 has readable information... written for anybody to understand and comprehend.  It's an easy-to-use website, and that makes a huge difference." 

"hr360 continually updates their information to keep their clients on the cutting edge of information they need to keep their programs compliant with federal and state issues."

Read more about hr360 and how it can help your business, and take the time to take a short tour of this online HR library - check it out for yourself!  Contact BASE® to start subscribing to hr360 today!