Small businesses can receive a non-refundable general business credit in 2010 of up to 35% of their group health care costs. Let us show you how to get this credit.
The news media are continually announcing new medical developments to prolong your life or cure the most life-threatening condition. You may be surprised to find out that the latest miracle cure is classified as “experimental” even after it has passed all clinical trials. It is available to you if you need it, yes, but your health insurance does not cover “experimental” treatments. And, of course, they are very expensive.
If you want to live forever, like I do, you need a special health insurance that covers such experimental treatments. This insurance is typically a high deductible policy with a high upper limit. A typical policy may require you to pay 100% of the first $5,000, 20% of the next $500,000 and have an upper limit of $3,000,000 to $10,000,000. Your normal health insurance policy helps pay for that first $5,000 and the co-payments, but only for the normal aspects of the treatment.
With the right type of business entity a Section 105 resolution can save thousands by paying for the deductibles with pre-tax dollars without pumping up your W2 wages. Call our office for more money saving tax planning.
