Introduction: Welcome back to The Amber Stitt Show, where we focus on financial and personal life organization. I'm your host, Amber Stitt, and this episode is all about helping small business owners owe less to the IRS this tax season. Today, we have a special guest, Todd Kuehn from TASC. Today Todd will be sharing valuable tax-saving strategies for small self-employed business owners. So, let's dive in and explore how you can maximize your deductions and keep more money in your pocket.
Understanding Tax-Saving Strategies for Small Business Owners: Todd Kuehn, from TASC, Total Administrative Service Corporation, joins us to shed light on an effective tax-saving solution for small self-employed business owners. Task Total Administrative Service Corporation has been assisting small business owners with their tax savings for over 40 years, and they've seen the average client save over $6,000 per year. That's a significant amount of money that could be reinvested back into your business or utilized for personal expenses.
The Importance of an HRA (Health Reimbursement Account): One of the most prominent tax savings solutions discussed in this episode is the Health Reimbursement Account (HRA) under IRS Section 105. Todd explains that the HRA allows small business owners to deduct 100% of their family's medical and out-of-pocket expenses. This means that you can save on healthcare costs while also reducing your taxable income.
Flexible for All Business Entities: The best part about the HRA is that it is available to all tax entities, including sole proprietors, LLCs, S Corps, C Corps, and partnerships. It is a versatile and inclusive tax-saving option that can be tailored to fit your specific business needs.
No Need for Fund Contributions: Unlike other healthcare savings accounts, the HRA doesn't require you to contribute funds. Instead, you set up the plan and get reimbursed for eligible medical expenses. This makes it a hassle-free way to save on taxes while receiving necessary healthcare benefits.
Comprehensive Coverage for Your Family: As a small business owner, the HRA allows you to extend the tax savings to your entire family. Todd explains that you can deduct expenses such as health insurance, supplemental insurance, Medicare expenses, dental and vision expenses, over-the-counter items, and much more. The flexibility of the HRA ensures that your family receives comprehensive coverage while also optimizing your tax savings.
TASC = Total Administrative Service Corporation's Expertise: Todd emphasizes TASC, Total Administrative Service Corporation's wealth of experience in providing tax-saving solutions. Their average client has seen their tax savings increase from $1,800 to over $6,000 per year. These numbers speak for themselves, demonstrating the effectiveness and significant impact of implementing the HRA into your tax planning strategy.
Conclusion: As we wrap up today's episode, I hope you've gained valuable insights on how to owe less to the IRS this tax season. By utilizing tax-saving strategies like the HRA, small business owners can save significant amounts of money on healthcare costs while reducing their taxable income. Don't miss out on the opportunity to keep more money in your pocket and invest in your business or personal expenses.
Thank you for joining us on The Amber Stitt Show today. To stay updated with future episodes, make sure to subscribe to our podcast and visit www.amberstitt.com for additional resources, including books, articles, and more. Remember, it's all about reaching your peak performance and potential in both your professional and personal lives. Until next time, enjoy your journey at home and at work, and thank you for tuning in!
[00:01:00] Amber Stitt Show discusses tax saving strategies. [00:14:15] Episode of The Amber Stitt Show, visit www.amberstitt.com. Thank you for listening.
Todd frequently speaks with these associations to discuss the benefits of this account.
· NATP ( National Association of Tax Professionals)
· NSA (National Society of Accountants)
· NSTP (National Association of Tax Professionals)
· NAEA (National Association of Enrolled Agents)
· NCPE (National Continuing Professional Education)
· Western CPE
· NAIFA(National Association of Independent Financial Advisors)
· Back to Basics Tax Seminars
· Gear Up tax – Checkpoint learning Thompson Reuters
· Spidell – Caltax
· Arizona Society of CPA’s
· LAT Seminars
Contact information to book your consultation with Todd:
Direct Line: 608-268-8875
For the 2021 Year End Reports and EVERYTHING you need for AgriPlan and BizPlan HRA:
Check out our website at http:\\www.tasconline.com
TASC COVID-19 resource pages. Keeping our customers and partners up-to-date:
TASC Responds Website: www.tascresponds.com
TASC Capital Connection Blog: TASC Capital Connection