If someone was to give you, let’s say $4,000 in exchange for $300 would you say that was a real benefit to you? And if the $300 that you exchanged for the plan came with a 100% money back guarantee would that be even better?
The reality of the current economic times is that most self-employed small business owners are struggling to stay above water; a program that increases their profit would be looked at as a welcome change.
Who would say “no” to increasing their spendable income at no cost? The reason we can make this claim is the fact that the money needed to maintain the plan is generated by the savings derived from installing the plan; therefore, the plan increases income at no cost.
CashBack Medical LLC is a privately held corporation that specializes in cost saving programs for businesses. We have been helping small business owners understand the best way to reduce their taxable income and free up more money to use for the growth of their business.
CashBack Medical, LLC, also believes that Sole Proprietors, Self-Employed Individuals, Partnerships, S-Corporations, C-Corporations, as well as LLC’s, can save thousands of tax dollars by correctly utilizing key sections of the Internal Revenue Code Provisions that are often overlooked.
The US Congress in 1954 enacted various tax laws in order for the small business owner to reduce his/her tax burden associated with ALLhealth and medical care expenses. Unfortunately, the small business owners did not know that this law existed for their benefit and how to take advantage of its purpose.
Under the Internal Revenue Code this US Congress law which is now categorized as an IRS Provision; is named ‘Section 105’ and ‘Section 106’. This allows the sole proprietor and/or small business owner to deduct 100% of ALL of his/her health insurance premiums and 100% of ALL his/her out-of-pocket medical, dental, vision and thousand of other medical related items and procedures. You can even deduct your co-payments and deductibles.
Now here is the major mis-understanding!
Under the current tax laws all income spent on health insurance premiums and all out of pocket medical expenses that are deductible on your individual tax returns, are ‘considered part of your wages’ by the Internal Revenue Service (IRS) and are subject to mandatory FICA and Medicare taxes of 15.3%- PERIOD!
Through the CashBack Medical Plan income spent on ALL health insurance premiums and ALL out of pocket medical, dental, vision; as well as thousands of other medical expense items are EXCLUDED from being ‘considered part of your wages’ and therefore you pay ZERO TAX. THIS IS THE BIGGEST DIFFERENCE!
This provision is not limited to the Sole Proprietor and/or Small Business Owner. For example Corporations like (C or Sub-Chapter S), LLC’s and Partnerships can also qualify. If you are married, and file a Schedule C or Schedule F, and can legitimately employ your spouse, YOU QUALIFY for this provision.
A small business owner can hire an employee and therefore can deduct ALL of his/her health insurance premiums and ALL of his/her out-of-pocket medical expenses under a medical reimbursement plan. The problem is, even though a small business owner can deduct these expenses for the employee, he couldn’t deduct any of his own personal health insurance premiums and out of pocket medical expenses personally; because he/her not considered an employee for tax purposes. However, if they can legitimately employ their spouse, they qualify to take these deductions and save thousands in tax dollars.
Therefore the small business owner can deduct 100% of ALL of their health insurance premiums, plus 100% of ALL of their out-of-pocket medical, dental, vision, and thousands of other medical related expense items from the gross income of the company.
Here is an example of how it applies: If you are married, and file a Schedule C or Schedule F, and can legitimately employ your spouse, YOU NOW QUALIFY. The key component for the small business owner is to hire his spouse. This means that the spouse must be an employee of the company, and actively work a set amount of hours on business related activities.
Cash Back Medical LLC , has created a turnkey system with other professionals in this medical benefits field to support and administer the Plan for the small business owner. This includes our leading national third party administrator FlexFacts LLC. Their services feature the responsibility of ensuring that all health related and medical expenses incurred by the small business owner conform to the rules and provisions set up by the IRS.
The program includes a CBM benefits card that is given to the small business owner to use. It features a fully automatic process of capturing, substantiating and adjudicating of all health insurance premium payments, and all out of pocket medical, dental, vision and thousands of other medical expense related items at the point of sale at any pharmacy, any clinic, hospital and any medical care professional facilities around the country.
Its been the best-kept secret in the world of tax deductions. Until now.
© 2013, Allen Smith. All rights reserved.