Alliance for Affordable Services Helps Small Business Owners Save Thousands in Taxes with New Member Benefit
Des Moines, IA (PRWEB) February 10, 2005
Health insurance premiums and out-of-pocket medical expenses continue to be a tremendous financial burden for many small business owners. ThatÂ?s why Alliance for Affordable Services has introduced members to a little known tax savings through the Association 105 HRA member benefit.
Administered by BASE, the Health Reimbursement Arrangement (HRA) is available to qualified small businesses based on Code Section 105. Once implemented, health insurance premiums and non-insured medical expenses can be moved from their personal return to their business return.
BASE President Terry Harrington said, Â?Our plan saves the average client over $ 3800 in annual taxes. This could be the most overlooked tax break for sole proprietors.
The most common reaction our clients have when we tell them about this plan is, Â?Why hasn’t my accountant told me about this?Â?Â?
While thousands of tax advisors are directing small business customers to businesses like BASE for assistance with a section 105 Health Reimbursement Arrangement like the Association 105 HRA, there are still many who are unaware of the potential savings these programs can provide their clients.
Although most sole proprietors can already deduct their health insurance premiums on Form 1040 this year, many could double or triple their tax savings with an HRA. For example, a business owner in the 15% federal tax bracket, paying $ 380 monthly for health premiums and $ 6300 annually for out-of-pocket medical will save roughly $ 912 by taking this deduction on their personal tax return. With the Association 105 HRA, that same business owner would save roughly $ 3800.
BASE simply provides a total package, step by step from beginning to end to set up a Health Reimbursement Arrangement (HRA) for qualified small business owners. The company advises the clients and handles all of the necessary documentation required to meet IRS, DOL, and ERISA guidelines.
For more information contact Deborah Kane, Florida Licensed Insurance Agent, at 239-839-0390 or toll-free at: 1-800-580-5640 http://www.DeborahKane.MW-INS.Com
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