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®!