Tax Deductions for Small Business Owners Through Base® HRA For Qualifying Medical Expenses
Online, September 12, 2012 (Newswire.com) - BASE®, a leading employee benefits administrator, announced that its BASE® HRA tax savings plan for small business owners is available in the Bluffton/Hilton Head area. The BASE® HRA plan simplifies the documentation requirements for small business owners to legally deduct qualifying health insurance premiums and out-of-pocket medical expenses on their business tax return.
"Typically, small businesses only take the self-employed deduction for their family's medical expenses on Form 1040.
However, now is the time for these small business owners to properly establish a Section 105 Health Reimbursement Arrangement (HRA) to ensure they have the opportunity to deduct up to 100% of qualifying medical expenses as a business deduction," said BASE® President, Terry Harrington.
The BASE® HRA, administered by BASE®, simplifies the process for small business owners and ensures they have the legal documentation for their tax professional or to submit with their business tax return. "With the ever-rising costs of healthcare, this tax break generally equates to an average savings of over $4,000 per year," said Harrington.
The BASE® HRA tax savings plan is available through an Insphere agent in your area at a discounted fee, which is also
considered tax deductible. This tax saving benefit plan is marketed locally by licensed agents contracted with Insphere
Insurance Solutions (http://www.insphereis.com).
Insphere is a distribution company that specializes in meeting the life, health, long-term care and retirement insurance needs
of small businesses and middle-income individuals and families through its broad portfolio of products offered by highly
rated insurance carriers.
For more information about tax savings opportunities through the BASE® HRA plan and BASE®, contact
Rodney C. Brown at 678-412-5574.
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About BASE®
Established in 1999, BASE® offers a variety of quality employee benefit products and services. Whether employers are looking
to enrich their current benefit plans, off-set benefit cutbacks, or implement cost saving measures, BASE® works diligently to
ensure that each plan meets the specific needs of each client. BASE® offers a variety of plans, which include the HRA, HRA+,
and 125 Cafeteria Plan (Flexible Spending Account (FSA), Dependent Care Assistance Plan (DCAP), Health Care Premium
Reimbursement (HCPR)). To find out more about HRAs and 125 Cafeteria Plans visit www.BASEonline.com.
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