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  • Does Your Tax Planning End On New Years?
    by Keith Hall NASE National Tax Advisor For most of us tax time is not the most rewarding time of the year and is typically ranked right up there with visiting the dentist Statistics would indicate that our commitment to flossing is only evident in the few weeks right before that dentist appointment And likewise our commitment to tax planning is most likely limited to the few weeks right before the return is due Unfortunately in both cases by that time it is already too late to make any real difference Most tax planning strategies end with the New Year s Eve party Once the year is over so are most of your options for truly reducing your total tax liability The best time to start thinking about taxes about reducing taxes is right now You are completing and filing last year s income tax return so now is the best time to make next year s tax return most more pleasing If you did not take advantage of the Home Office Deduction for last year try and find some place in your home that you can use regularly and exclusively for your business The Home Office Deduction can save on average about 1 000 in taxes If you have children that you are giving money to anyway consider creating a job for them within your sole proprietorship They can earn up to 5 700 in wages tax free but those wages would be fully deductible for your business So create a job and you could save over 2 000 in taxes per child If you have unreimbursed medical expenses or self employed health insurance premiums consider adopting a Health Reimbursement Arrangement or and HRA 105 Plan If your spouse helps in your small business these plans can provide a full deduction for all of your family s medical expenses Many small businesses with average family medical costs can save over 3 000 in taxes by adopting an HRA 105 Plan Think about your business equipment needs computers accessories furniture etc If you know you will need these items soon consider buying them prior to the end of the year and therefore utilize available accelerated depreciation options Certainly don t spend money just to get a deduction but if you are needing those items anyway accelerating those purchases can reduce your taxes And finally if you weren t able to make a qualified retirement contribution this year simply because you didn t have the cash flow start putting a little bit aside every month so that next year you will be able to make that retirement contribution Retirement contributions can be the last real way to save money on last year s taxes since those contributions will still be deductible even if you made them today However you must have the money to contribute in order to take advantage of the tax savings so don t wait until next April 15th to start setting that money aside The bottom line

    Original URL path: http://selfemployed.nase.org/business-help/get-help/health/health-blog/self-made/2012/04/10/Does_Your_Tax_Planning_End_On_New_Years (2016-02-14)
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  • HRA 105 For Medical Expenses [Ask The Experts Q&A]
    Membership Directory NASE Health Blog Advice and information on small business health insurance coverage HRA 105 For Medical Expenses Ask The Experts Q A Tuesday February 14 2012 Q I set up an HRA 105 for my wife who is employed by me in my home office My understanding is that both her and my qualified medical expenses from the HRA can be deducted but cannot find a suitable category on TurboTax to enter this amount Please advise where this amount is entered A If I can be so bold let me change your terminology a bit as it relates to your HRA 105 plan You DID NOT set up an HRA 105 plan for your wife but instead your Company adopted an HRA 105 plan for the benefit of your employees Lose the word wife or spouse or anything else like that and just think in terms of your employee Second forget about HER medical expenses or YOUR medical expenses and just think in terms of the business Your business is reimbursing all medical costs submitted to the company by your employee for which that employee can provide adequate documentation PERIOD You don t care for whom the individual covered person is only that it is indeed the medical expenses incurred by your employee Now a note to your employee your spouse The employee pays for all their own medical expenses and then provides adequate documentation to their employer for reimbursement The employee can request reimbursement for all qualified medical expenses including those related to themselves your wife their spouse you their dependents also your dependents I am splitting hairs here but if you keep the pronouns straight it is a bit easier to understand The key point here is that YOUR business is NOT reimbursing YOUR medical expenses

    Original URL path: http://selfemployed.nase.org/business-help/get-help/health/health-blog/self-made/2012/02/14/HRA_105_For_Medical_Expenses_Ask_The_Experts_Q_A (2016-02-14)
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  • NASE Learning Center - Business Topics - Health Blog Posts
    on America s smallest Businesses It is a great tool that breaks down the complicated legislation and makes it easier to understand Click here for the Affordable Care Act in Brief PDF file How Much Can I Save On Health Costs Monday June 18 2012 Posted by Keith Hall NASE National Tax Advisor I have been fortunate enough over the last 10 years or so to travel all over the United States talking to small business owners We have conducted hundreds of seminars and webinars helping thousands of small business owners with just one more question We learned that most of the questions fall into one of four categories Taxes Access to Credit Getting more customers and How can I save on health care This last group of questions may seem to be the odd man at the table but the affordability of health care continues Does Your Tax Planning End On New Years Tuesday April 10 2012 Posted by Keith Hall NASE National Tax Advisor For most of us tax time is not the most rewarding time of the year and is typically ranked right up there with visiting the dentist Statistics would indicate that our commitment to flossing is only evident in the few weeks right before that dentist appointment And likewise our commitment to tax planning is most likely limited to the few weeks right before the return is due Unfortunately in both cases by that time it is already too late to make any real difference Most tax planning strategies end with the HRA 105 For Medical Expenses Ask The Experts Q A Tuesday February 14 2012 Q I set up an HRA 105 for my wife who is employed by me in my home office My understanding is that both her and my qualified medical expenses from the HRA can be deducted but cannot find a suitable category on TurboTax to enter this amount Please advise where this amount is entered A If I can be so bold let me change your terminology a bit as it relates to your HRA 105 plan You DID NOT set up an HRA 105 plan for your wife but instead your Company adopted an HRA 105 plan for the benefit Small Business Jobs Act Of 2010 Vs HRA 105 Ask The Experts Q A Thursday October 20 2011 Q Today I read NASE President Kristie Arslan s testimony to the Senate Committee on Small Business Entrepreneurship regarding extending the Small Business Jobs Act of 2010 I am curious to know what the difference is between the Small Jobs Act of 2010 and the HRA 105 benefit I do not fully understand the Act but I do have a pretty good grasp on the HRA 105 and to me they sound very similar A The Small Business Job Act of 2010 was a comprehensive act that affected many more areas than just health care costs but I assume you are interested in Still Doing 2010 Taxes And Trying To

    Original URL path: http://selfemployed.nase.org/business-help/get-help/health/health-blog (2016-02-14)
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  • Impact of Health Reform on the Self-Employed
    Washington Watch NASE Research Current NASE Survey NASE Member Survey NASE Issue Reports Self Employed Statistics Get Involved Tell your story Become a Media Contact Legislative Action Center Business Help Ask the Experts Taxes Business Strategy Business Law Marketing 101 Finance Accounting Health Care Reform Marketing Advertising Real Estate Information Technology NASE Minute Get Help Tax Healthcare Reform Health Marketing 101 Business Management Marketing Advertising Real Estate Calculators Business Breakeven Analysis Calculator Cash Flow Calculator Equipment Buy vs Lease Investment Annual Rate of Return Calculator Mortgage Mortgage Loan Calculator Retirement Savings and Planning 401 k Calculator How long will my retirement savings last Tax 1040 Tax Calculator Payroll Deductions Calculator Self Employment Tax Calculator Helpful Links ASBDC Member Directory Search My NASE About Me Account Benefits Optional Benefits Payment Details Expert Questions Email Subscriptions Membership Directory NASE Health News Advice and information on small business health coverage View all NASE news Impact of Health Reform on the Self Employed Friday June 21 2013 Learn about how health care reform will impact you as a self employed business owner NASE President Kristie Arslan provides insight about health reform topics including Insurance market reforms Essential benefits requirements Health insurance exchanges Premium assistance Get the details you need on the impact of health reform on the self employed Comment Your name Click to add Email optional Click to add Comment RadEditor HTML WYSIWYG Editor MS Word like content editing experience thanks to a rich set of formatting tools dropdowns dialogs system modules and built in spell check RadEditor s components toolbar content area modes and modules Toolbar s wrapper Content area wrapper RadEditor hidden textarea RadEditor s bottom area Design Html and Preview modes Statistics module and resize handle It contains RadEditor s Modes views HTML Design and Preview Statistics and Resizer Editor

    Original URL path: http://selfemployed.nase.org/business-help/get-help/health/health-news/2013/06/21/impact-of-health-reform-on-the-self-employed (2016-02-14)
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  • Ask The Experts: Health Insurance for Employees
    Contact Legislative Action Center Business Help Ask the Experts Taxes Business Strategy Business Law Marketing 101 Finance Accounting Health Care Reform Marketing Advertising Real Estate Information Technology NASE Minute Get Help Tax Healthcare Reform Health Marketing 101 Business Management Marketing Advertising Real Estate Calculators Business Breakeven Analysis Calculator Cash Flow Calculator Equipment Buy vs Lease Investment Annual Rate of Return Calculator Mortgage Mortgage Loan Calculator Retirement Savings and Planning 401 k Calculator How long will my retirement savings last Tax 1040 Tax Calculator Payroll Deductions Calculator Self Employment Tax Calculator Helpful Links ASBDC Member Directory Search My NASE About Me Account Benefits Optional Benefits Payment Details Expert Questions Email Subscriptions Membership Directory NASE Health News Advice and information on small business health coverage View all NASE news Ask The Experts Health Insurance for Employees Monday June 03 2013 Comment Your name Click to add Email optional Click to add Comment RadEditor HTML WYSIWYG Editor MS Word like content editing experience thanks to a rich set of formatting tools dropdowns dialogs system modules and built in spell check RadEditor s components toolbar content area modes and modules Toolbar s wrapper Content area wrapper RadEditor hidden textarea RadEditor s bottom area Design

    Original URL path: http://selfemployed.nase.org/business-help/get-help/health/health-news/2013/06/03/ask-the-experts-health-insurance-for-employees (2016-02-14)
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  • Co-Pay Cards, Small Businesses and Saving Money
    million Americans without health insurance and another 30 million Americans who have health insurance but not enough for their prescription and medical needs A large segment of that population works in small business Yet according to the Kaiser Family Foundation one in four small business owners are uninsured and 60 of those working in small businesses are either uninsured or underinsured The health costs for small businesses that do provide coverage have been rising at double the rates of larger companies Small businesses have trouble finding comprehensive coverage for employees and there is still some confusion about the impact of the Affordable Care Act on small businesses Given this discouraging picture small business owners should look to patient assistance programs that can help These programs sponsored by pharmaceutical and healthcare groups are working to make medications affordable to the uninsured underinsured and the long term unemployed These programs such as Pfizer Helpful Answers PHA and others offer creative solutions to prescription needs One cost saving tool that has become popular in recent years is the co pay card Designed to help defray out of pocket costs for patients with insurance these discount cards are typically sponsored by pharmaceutical companies and are usually applied right at the pharmacy counter Co pay cards come in two forms Universal Co Pay Cards These cards are available to anyone with commercial insurance Financially Targeted Co Pay Cards These cards are available only to patients who meet certain income eligibility requirement and have completed an application Traditionally these discounts are more significant that universal cards The mutual benefits of these cards are tremendous By lessening the financial burden of medications patients are more likely to fill their prescriptions and stay compliant with their drug regimen ultimately improving health outcomes Similarly by helping to mitigate the

    Original URL path: http://selfemployed.nase.org/business-help/get-help/health/health-news/2013/02/08/co-pay-cards-small-businesses-and-saving-money (2016-02-14)
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  • Ask The Experts: HRA for LLC
    ASBDC Member Directory Search My NASE About Me Account Benefits Optional Benefits Payment Details Expert Questions Email Subscriptions Membership Directory NASE Health News Advice and information on small business health coverage View all NASE news Ask The Experts HRA for LLC Monday April 02 2012 Q I am a majority owner of a new multi member limited liability company My wife is the other member and is a minority owner We want my wife to be eligible for health care expense reimbursements from a health reimbursement arrangement Is there a minimum number of hours per week she must work as a part time employee of the LLC to qualify under the HRA What are your recommendations in regard to documentation of these hours A Let s go back a step and make sure we are on the same page with your HRA Only bona fide employees are eligible for reimbursements under an HRA If your wife is an owner or member in the multi member LLC then she is not a bona fide employee and cannot participate in the HRA Further an owner of your LLC would not be compensated as a part time employee so there would be no minimum or maximum work hours at issue Now back to your practical questions If you adopted the HRA to cover your family s medical expenses then your wife needs to be a bona fide employee of the LLC and you need to be the only owner of the LLC Regarding work hours and wages the wages that you pay your employees need only be reasonable in connection with the services that they provide If the sole reason for this employee employer relationship is the HRA then there is no minimum or maximum work hours required Simply documenting the actual hours

    Original URL path: http://selfemployed.nase.org/business-help/get-help/health/health-news/2012/04/02/Ask_The_Experts_HRA_for_LLC (2016-02-14)
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  • NASE Learning Center - Business Topics - Health News
    what plan options will be available and how affordable health coverage will be Ask The Experts Health Insurance for Employees Jun 03 2013 Q I m about to hire my first employee and I have a few questions Am I required to provide health insurance Can I provide a health insurance stipend and have that qualify as providing health insurance What is a reasonable amount to provide as a health insurance stipend Co Pay Cards Small Businesses and Saving Money Feb 08 2013 Ask The Experts HRA for LLC Apr 02 2012 Health Reimbursement Arrangement HRA eligibility How To Protect Your Employees Health And Privacy Rights Nov 04 2011 It s a jungle out there the tangled thicket of government rules and regulations companies must navigate to protect employees health and privacy rights Naturally you want to do what s best for your workers But good intentions won t keep you from a brush with the health police the numerous federal and state agencies that enforce key health provisions How Much Is Clutter Costing You Mar 17 2011 Your workspace is more than just a place It s a symbol of your mental health Yikes It s A Panic Attack Feb 25 2011 A pounding heart Shaking hands Shortness of breath These are just some of the symptoms commonly felt during a panic attack Want To Get More Done Focus Nov 23 2010 For most of us the need to accomplish many things at once seems like a given But the concept of multitasking didn t crop up in the workplace until around the time that every desk got a computer Double Duty Sep 13 2010 If you re the parent of a special needs child you ve proven that you can handle a tough and rewarding job Perhaps you

    Original URL path: http://selfemployed.nase.org/business-help/get-help/health/health-news (2016-02-14)
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