HEALTH CARE COSTS
Are you a small business owner or farmer looking for a way to deduct more of your health care expenses? If so, may we suggest BizPlan or AgriPlan. If you qualify, these programs can help you deduct the costs of your health care as a business expense.
If you are interested in one of these programs or want more information feel free to stop by the office. We have some brochures that will explain a little more about the program and tell you how to contact TASC (the administrator). You can also click on the link below to go directly to the TASC website.
This program is doubly effective for farmers since the domestic production deduction allows for a deduction for farmers but the lower limit is 50% of wages. Hence, if you have no wages, you get no deduction.
The benefits of this program are immediately effective and some can be retroactive to the first of the year.
TASC AgriPlan/BizPlan Section 105 Plans
AgriPlan and BizPlan are medical pre-tax plans, specifically for self-employed individuals. AgriPlan/BizPlan is not insurance; rather, it is the benefit vehicle that allows self-employed individuals to pay for their medical expenses with pre-taxed dollars and turn 100% of their medical expenses into a full tax deduction for their business.
This plan is ideal for entrepreneurs who file as a corporation; they are able to offer this pre-tax medical benefit to themselves. If you are a sole-proprietor or an LLC and your spouse assists with the business, you would provide this benefit to your employed spouse (this is necessary because AgriPlan/BizPlan is considered an “employee benefit”). Besides allowing 100% of your family’s medical premiums and expenses to be paid for with pre-tax dollars, the benefit is also a full tax deduction for your business.
