Tax Deduction Alert: Medical Reimbursement Plan

Did you know that as a business owner, you can deduct 100% of your medical expenses?!

(From http://www.tradersaccounting.com/mrp.asp)

• It pays for 100% of your medical insurance premiums.
  
• Allows you to deduct 100% of your health plan deductibles, out-of-pocket expenses and co-pays.
  
• You can even deduct the costs of pre-existing conditions!
  
• Deduct the costs of braces and other dental work.
  
• Deduct the costs of driving to and from the doctor.
  
• Deduct the costs of hearing aids and glasses.
  
• Deduct the costs of nontraditional forms of medicine such as chiropractic, acupuncture, and massage therapy.
  
• It covers you, your spouse and your children!

For many people these expenses can add up to thousands of dollars every year. If you have a business, and have not set-up a legal entity, this is one more reason to look at incorporating your business.

(end exerpt from http://www.tradersaccounting.com/mrp.asp)

Please consult a tax advisor and attorney to review how this will affect your business.