What do you guys use for managing your medical expenses for your corporation or small business. My former accountant told me I need to find a 3rd party administrator to manage this aspect of my business for me. I'm inclined to agree, but I don't know what the alternatives are.
The marketing collateral from one of the providers I'm considering describes it like this:
"With the Section 105 HRA plan, small business owners who qualify are able to take advantage of tremendous tax savings by deducting up-to 100% of qualifying medical expenses and health insurance premiums. More often than not, small businesses only take the standard deduction offered on Form 1040 for their self-employed health insurance costs. Enrollment in the Section 105 HRA gives employers the opportunity to deduct both their premiums and qualified out-of-pocket expenses on their business tax return."
Would love to hear what you guys are doing to stay compliant on the medical expenses you are claiming. Point-of-information: In my case, this would be to cover the costs that my husband's bennie plan at work does NOT cover.
The marketing collateral from one of the providers I'm considering describes it like this:
"With the Section 105 HRA plan, small business owners who qualify are able to take advantage of tremendous tax savings by deducting up-to 100% of qualifying medical expenses and health insurance premiums. More often than not, small businesses only take the standard deduction offered on Form 1040 for their self-employed health insurance costs. Enrollment in the Section 105 HRA gives employers the opportunity to deduct both their premiums and qualified out-of-pocket expenses on their business tax return."
Would love to hear what you guys are doing to stay compliant on the medical expenses you are claiming. Point-of-information: In my case, this would be to cover the costs that my husband's bennie plan at work does NOT cover.
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