The Section 105 plan, a health reimbursement account (HRA), creates outstanding tax benefits for certain one-owner businesses.
To see if you or your business qualifies for these “outstanding” tax benefits, review the flowchart below.
Before getting to the elements in the flowchart, let’s review the benefits of the 105 HRA.
The Section 105 plan turns your medical expenses into business deductions. A business medical tax deduction is far superior to a personal medical deduction because a business medical deduction
reduces self-employment taxes for the Schedule C taxpayer (proprietorship and ... Log in to view full article.