Well tax time has come and gone. We really don't miss April 15 do we? One way to cut taxes is by installing a section 125 plan. Section 125 is under the tax code and was first established in 1978. This type plan installed by an employer allows all eligible employees to deduct what they pay for employee benefits before taxes. Employee benefits can include premiums paid by the employee for health insurance, dental insurance, vision, cancer plans, accident plans and term life up to $50,000. The employer benefits because the matching that the employer is required to meet is lowered when benefits are deducted before tax is applied. The installation of the 125 plan is a win-win for all parties involved. I have assisted many clients in this area and have not had a single complaint yet. The employer can also set up a medical spending account under the 125 plan along with day-care expense.
Need more information in these times of rising health care cost? Contact me and I'll be happy to help. Please remember that The Insurance Advocate does not sell insurance. We work on a fee for services basis.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment