Corporate America has long recognized that its most important assets are its employees. Companies have sought to improve working conditions and enhance company benefit programs. ADVANTAGED basis to both the employer and employee. BizPlan believes that sole preprietors have the same needs, the same expenses and the same desire for benefit advantages as large and small corporations.
By simply using BizPlan and employing your spouse under a special class of employment known as family employment, authorized by the IRS in 1954, you will qualify for TAX DEDUCTIBLE benefits. Of course, at tax time, your accountant will need to prepare the necessary tax forms and schedules to include your BizPlan information.
*BizPlan also applies to Partnerships, C Corporations, and Limited Liability Companies.
BizPlan is a system developed within the framework of Revenue Ruling 71-588 to simplify the compliance and accounting procedures associated with Internal Revenue Code, Section 105. With BizPlan, the sole proprietor may take advantage of 100% tax deductibility of medical expenses including:
Health Insurance Premiums
Uninsured Medical, Dental and Vision Care Expenses
Other Deductible Benefits Available:
Term Life ($50,000 Max.) & Disability Income Insurance
Premiums for employee (spouse)
Benefits provided for other employees
BizPlan is not insurance. You may participate in BizPlan without purchasing additional insurance coverage or changing existing coverage.
With BizPlan you will be able to provide your accountant with an accurate itemization of your medical, dental and other deductible expenses.
Strategic Tax Group will help you get started by assisting you with your enrollment and answering any question you may have. Here are the steps you need to take to enroll in BizPlan:
Estimate uninsured medical expenses and list eligible premiums
Complete the necessary IRS forms (Samples are provided by BizPlan)
At year-end, submit your benefit expenses to BizPlan for verification on an Employee Benefit Expense Transmittal provided by BizPlan. BizPlan will report back to you a detailed account of your deductible benefit expenses. At tax preparation time, submit the BizPlan materials to your accountant or use them to prepare your own return. Contact Strategic Tax Group for more information.