HRA Health Reimbursement Arrangement 105, a "gift" from the IRS
Use the HRA-105 set up by the IRS to write off a lot more of your medical expenses than you think you can
An HRA Health Reimbursement Arrangement 105 (also known as an HRA-105) can save you thousands of dollars whether your business is a Sole-Proprietorship, Partnership, Corporation, or LLC.
Unfortunately more often than not these businesses only take the standard deduction offered on Form 1040 for their self-employed health insurance costs.
Through my company Monk and DBug, LLC, I have saved an average of $5,600 each year with my Health Reimbursement Arrangement HRA-105. Speaking first hand, I know it’s legitimate and a must for business owners.
Elsewhere online you might read that the HRA Health Reimbursement Arrangement 105 is strictly for small business owners, sole-proprietorship mainly. That's not true.
It can work for many business "arrangements". I used it for many years as "Diane Dennis Enterprises" which was my sole-proprietorship but I incorporated in Jan 2011 as "Monk and DBug, LLC" (abbreviations of my kids' nicknames) :) and I'm still able to use it even though I incorporated.
Below is a comparison of what you could be saving if you were using an HRA.
*Assumes 15% Federal and 5% State.
Most administrators of HRA-105 programs will give you a FREE tax-savings analysis when you contact them.
Should you decide to sign up with this plan do it soon. Any financial expenses that happened before you sign up for the HRA-105 are not eligible. So do it quick.
Some of the administrators have money-back guarantees and audit guarantees. Go with one of them and sleep sound knowing that your plan administrator has your back.
A positive aspect is you can have your payroll done through some of these companies as well. Two birds with one stone.
Check out the various companies offering to administer the plan for you (trust me it's much easier and less expensive in the long run to hire a professional - even though it's a legitimate IRS write-off the IRS definitely doesn't make it easy to comply).
Go to: Page two of this article on HRA-105 Health Reimbursement Plans
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