Tax Deductions for Small Business Owners Through Base® HRA For Qualifying Medical Expenses
Association 105® HRA Provides Small Business Owners with Tax Savings Advantages
Bluffton, SC (I-Newswire) September 12, 2012 - 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.
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.
ASSOC/000062 Exp. 03/13
About Insphere Insurance Solutions
Insphere Insurance Solutions, Inc. has built a distribution channel for independent, career-agent pr More..oducers at all levels of production, and is backed by a group of private equity investors including affiliates of The Blackstone Group, Goldman Sachs Capital Partners and Credit Suisse. Our vision is to be the preferred source of insurance-related solutions for middle-income Americans and the preferred long-term opportunity for career agents dedicated to serving this expanding market.
Insphere Insurance Solutions® offers an unparalleled range of solutions to small business as well as middle-income individuals and families. This large and growing market segment represents approximately 72 percent of all households in the United States.Less..
Insphere Insurance Solutions
PO Box 252
Phone : 678-412-5574
Published On:September 12, 2012
Print Release:Print Release
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