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Article Date:
July 2008


Word Count:
961

 

 

Parts of Sloppy 105 Plan Survive


When it comes to your taxes and net worth, paying attention pays off. If you operate your business as a proprietorship and your only employee is your spouse, you really need to pay attention if you want the tax benefits of the Section 105 medical reimbursement plan.

 

To have such a plan, you must prove that your employee-spouse is a bona fide employee. How do you do that?

 

Randall G. Knowles employed his wife Sheryl in his insurance sales business. Mr. and Mrs. Knowles signed both an employment contract and a medical reimbursement agreement. A few years ... Log in to view full article.

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