Some of you may remember the tax videos a few of us made a few years ago. I'm all about deducting everything I can due to cf or business, etc. If you and your spouse have a business (self employeed) you can set up a self insured medical plan to deduct any unreimbursed medical expenses. This is in addition to medical insurance you may have. With the threshold in which one can deduct medical expenses going up from 7.5% AGI to 10% AGI in 2013, I'm fascinated by this and it seems like a good way to save $.
The way it works is the self employeed "hires" his/her family members and a portion of their payment is "paid" in the form of reimbursement for the medical expense. In order to do it you have to draw up a self insured medical plan with a tax attorney. Anyone done this? Advice? I want our 10%
The way it works is the self employeed "hires" his/her family members and a portion of their payment is "paid" in the form of reimbursement for the medical expense. In order to do it you have to draw up a self insured medical plan with a tax attorney. Anyone done this? Advice? I want our 10%