How to turn personal medical expenses into a business deduction #taxadvice #finance

Hey Solo business owners! Did you know there's a way to turn personal medical expenses into a business deduction?

📌 Consider the Section 105 Plan. Specifically designed for business owners with no employees other than themselves or a spouse, this medical expense reimbursement plan provides a potential avenue for relief.

🔹 Set it up right: Ensure proper paperwork and plan design.
🔹 Reimbursement: In return for services, the employee (you or your spouse) can be reimbursed for medical costs.
🔹 Detail is vital: Proper implementation with all 'I's dotted and 'T's crossed is crucial.

If you anticipate regular high medical costs, this strategy might be your financial lifesaver. Dive into the specifics and see if it's right for you. 💼

#Smallbusinessowner #taxseason #entreprenuer #sidehustle #startup #budgeting #personalfinance #taxplanning #taxstrategy #taxtok #tax #taxes #taxdeductions