Take Command Health Publishes Clear Guidance for Small Business Owners, Sole Proprietors to Maximize Tax Deductions for Healthcare Expenses

Friday, November 2, 2018 General News
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New Small Business HRA Strategy Guide outlines best approach for small employers and sole proprietors

DALLAS, Nov. 2, 2018 /PRNewswire-PRWeb/ -- Take Command Health, the leading resource for affordable, personalized benefits

for small businesses, is excited to share their newly published Small Business HRA Strategy Guide, a free resource designed to help small business owners and sole proprietors discover and implement the most tax-efficient strategy for health insurance and medical expenses.

With an increasing amount of HRA choices (two new ones were announced just last week), a continuous flux in healthcare policy, and stabilizing but still sky-high healthcare costs, it's as important as ever to take advantage of tax deductions when it comes to small business health insurance for owners and employees.

"If you're a small business owner or sole proprietor, you've probably wrestled with how to deduct your health insurance premiums and medical expenses from your taxes," shares Take Command Health CEO, Jack Hooper. "Do I purchase through my business and try to "expense it"? What about a self-employed deduction? And if you have employees—How can I reimburse them without triggering tax consequences?

"That's why we created the Small Business HRA Guide," adds Hooper, "to take the legwork and confusion out of choosing tax-advantaged strategies like the one-Person 105 HRA or a QSEHRA for small businesses structured as corporations, proprietorships, or other pass-through entities."

This issue is as complex as it is confusing, because there isn't a one-size-fits-all answer to what HRA is best. The answer is "it depends" on a few things, including: business entity type, whether you work alone or have W-2 employees, and whether you're an owner or employee.

Many small business owners simply opt to skip using an HRA altogether to save time in the short-term, and others spend hours online trying to find answers from questionable sources and multiple sites. Both are costly mistakes; choosing the wrong type of HRA or foregoing an HRA altogether can waste thousands of dollars each year—and those costs just continue to rise as businesses grow.

About Take Command Health Health technology startup Take Command Health launched three years ago with the goal of bringing awareness, advocacy, and transparency to the confusing world of health insurance for small businesses and individuals. Take Command Health is at the forefront of this issue, with a recognized team of thought leaders and an award-winning platform for simple, affordable QSEHRA administration. In addition to offering QSEHRA nationwide, Take Command Health can also help match employees to health plans with their doctors and prescriptions as a licensed health agency in Arizona, California, Florida, Georgia, Indiana, Michigan, North Carolina, Pennsylvania, Tennessee, Texas, and Wisconsin.

Although Take Command Health is a licensed health insurance firm, we are not tax professionals. We always recommend people consult with their tax professional before implementing a strategy, but this can be a great resource to start the conversation.

SOURCE Take Command Health

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