The
IRS Health Reimbursement Arrangement (IRS HRA)
While
just about any business setup can take advantage of this,
it's the sole-proprietors that really make out.
The
IRS Health Reimbursement Arrangement (IRS HRA) is a program
that allows you to recover your insurance premiums and
ALL of your out-of-pocket medical expenses by deducting
100% of these costs from your Federal, State, and Self-Employment
taxes.
Without
this program, you can only deduct, at best, 80% of these
costs as a personal deduction from your Federal
taxes ONLY.
Now
this isn't chump change we're talking about here, you can
actually deduct 100% of your family's medical expenses, including health
insurance premiums, deductibles, co-pays, eyeglasses, contact
lenses, dental work and appliances, prescriptions and so
much more.
Most
importantly, the HRA deduction is taken on the owner's
business tax return, which can reduce your federal, state,
and self-employment taxes! This
is where the "Earn
up to $1200 per month, or more, without getting a second
job... and keep yourself in good health while you're
at it!" comes in...
Health
insurance rates are outrageous
Health
insurance rates are skyrocketing but I'm sure I don't have
to tell you that. Our health insurance premiums have risen
50% over the past four years. And while the premiums continue
to rise, so do the out-of-pocket expenses and deductibles
related to doctor's visits, prescriptions, etc. We are
easily spending $1200 per month on health related expenses,
what with insurance, co-pays, medication prescriptions,
braces, glasses, contact lenses, etc.
Get
paid to take care of your health
By
taking advantage of the IRS Health Reimbursement Arrangement
we are able to deduct 100% of our health related expenses.
That's $1200 per month! It's just like earning a part-time
paycheck without the exhaustion of a second job. Matter
of fact it's better because it's like you're being paid
to take care of your health.
When
you can deduct the expenses it just doesn't make sense
to not take care of your health and utilize the IRS HRA.
It
is not a requirement that you have health insurance
You
can use any health insurance plan with the IRS Health
Reimbursement Arrangement including whatever plan you may
be on now.
If you don't have health
insurance yet, now it's affordable no matter how much
it costs.
If
you don't have health insurance and don't want health
insurance, no problem. Having a health insurance
plan is not a requirement to qualify for the IRS HRA.
You can still deduct 100% of your medical expenses whether
or not you have health insurance! :)
Learn
more and stop those medical expenses from draining your
bank account
While
not every small business owner qualifies for an HRA, those
who do qualify cannot afford to miss out on these additional
tax savings. Since 1999, small business owners nationwide
have been using the IRS HRA-105 health reimbursement arrangement to fully deduct 100% of
their family's medical expenses!
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Back to the home page: Construction Management Solutions (TheContractorsGroup.com
I, Diane
Dennis, am the Webmistress of www.TheContractorsGroup.com,
a website designed to help contractors through the myriad
of pitfalls that abound in the contracting world. I'm
a graduate of "The
School Of Hard Knocks" and I'm always willing to
share my experiences, even when no one wants to listen...
;) This article can be reprinted
provided it is done so in its entirety including this bio.
If you do
use this article, please let me know by sending an email
to me at diane@thecontractorsgroup.com
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