Biz Plan 105

Frequently Asked Questions (FAQs)

 

What is a BizPlan Section 105 Plan?
BizPlan is a Section 105 Medical Reimbursement Plan (also known as a Health Reimbursement Arrangement, HRA).  BizPlan allows self-employed business owners and their families to deduct a full 100% of their health-related expenses.  The Section 105 code as been in place since 1954, and BizPlan has been in business for over 32 years.   (See " What Is BizPlan ?" for more information.)    Go to top.

How does BizPlan Work?
BizPlan allows for a self-employed business owner to hire their spouse as a bona fide employee.  They may then offer that employee a benefit package which includes a Medical Reimbursement Plan.  By doing so, the employee (and the employee's family, including the business owner) receives reimbursement for all eligible medical expenses incurred.  The business owner may then take these reimbursed amounts and deduct them from their federal, state, and self-employment taxes.  Go to top.

Why should I choose BizPlan and TASC?
BizPlan and TASC have been serving the small business community for over 30 years.  We were founded by a small business owner in central Wisconsin and remain dedicated to the needs of small business owners, serving over 40,000 nationwide.  We offer the experience and expertise to ensure that you receive the maximum deduction you qualify for.  In fact, we have saved small business owners over 1 billion dollars in tax-savings over the past thirty years. Go to top.

We also offer unique features including a robust Audit Guarantee to protect you, and a Savings Guarantee and Money-Back Guarantee to provide you with peace-of-mind.  Our friendly and knowledgeable staff and our user-friendly online tools are two more reasons that you should choose BizPlan.  Go to top.

Am I eligible for BizPlan?
Find out now!  Get started!   Go to top.

How much can I save with BizPlan?
Find out now!  Get started!   Go to top.

What are Eligible Expenses?
In addition to health-insurance premiums many other health-related expenses can be deducted under BizPlan.  View samples of eligible expenses Go to top.

I am self-employed and I already deduct my health insurance premiums.  Why do I need BizPlan?
It's true that you can deduct 100% of your health insurance premium costs, but what many business owners do not realize is that the health-insurance premium deduction only affects income tax and does not take into account your Self-Employment taxes.  The Self-Employment tax rate of 15.3% is still paid on that premium deduction.  However, if you have established a BizPlan you can take that additional 15.3% deduction on the premium amount for both the employee and the employer!  Go to top.

I am self-employed and I already deduct my medical expenses.  Why do I need BizPlan?
If you itemize your deductions are may deduct medical expenses but only for deductions in excess of 7.5% of Adjusted Gross Income.  For example, if your Adjusted Gross Income is $35,000 and you have $3000 in uninsured medical expenses you are only able to deduct $375.00.   $35,000 x .075 = $2625.  $3000 - $2625 = $375.   If you enroll in BizPlan you are able to take the full $3000 deduction!  Go to top.

How much does BizPlan cost?
The base fee for BizPlan is $195.00.   Remember, our Savings Guarantee guarantees you will save a minimum of $2000 or your money-back, so there is no risk to you!  Go to top.

How do I get started?
Find out if you qualify and how much you will save!    Let's go!    Go to top.