Take Command Health Publishes Clear Guidance for Small Business Owners, Sole Proprietors to Maximize Tax Deductions for Healthcare Expenses
With an increasing amount of HRA choices (two new ones were announced just last week), a continuous flux in healthcare policy, and stabilizing but still sky-high healthcare costs, it's as important as ever to take advantage of tax deductions when it comes to small business health insurance for owners and employees.
"If you're a small business owner or sole proprietor, you've probably wrestled with how to deduct your health insurance premiums and medical expenses from your taxes," shares
"That's why we created the Small Business HRA Guide," adds Hooper, "to take the legwork and confusion out of choosing tax-advantaged strategies like the one-Person 105 HRA or a QSEHRA for small businesses structured as corporations, proprietorships, or other pass-through entities."
This issue is as complex as it is confusing, because there isn't a one-size-fits-all answer to what HRA is best. The answer is "it depends" on a few things, including: business entity type, whether you work alone or have W-2 employees, and whether you're an owner or employee.
Many small business owners simply opt to skip using an HRA altogether to save time in the short-term, and others spend hours online trying to find answers from questionable sources and multiple sites. Both are costly mistakes; choosing the wrong type of HRA or foregoing an HRA altogether can waste thousands of dollars each year--and those costs just continue to rise as businesses grow.
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Read the full story at https://www.prweb.com/releases/take_command_health_publishes_clear_guidance_for_small_business_owners_sole_proprietors_to_maximize_tax_deductions_for_healthcare_expenses/prweb15888931.htm
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