Medical Reimbursement Plan Kit

Medical Reimbursement Plan Kit - Forms & Procedures to deduct medical costs as business deductions and save thousands every year. Al’s students are saving $4,000 to $8,000 a year in taxes, just with this ONE easy-to-use strategy.
MEDICAL REIMBURSEMENT PLAN
 
The medical reimbursement plan (the “Plan”) is a fringe benefit available for eligible employees. As with other fringe benefits, the medical reimbursement plan is available only for employees, and not independent contractors.
 
BASIC STEPS TO QUALIFY:
 
1. BE SELF-EMPLOYED IN ANY LEGITIMATE BUSINESS
 
2. YOU AND YOUR SPOUSE MUST NOT BE A PARTNERSHIP IN YOUR BUSINESS
 
3. IF NOT INCORPORATED, HIRE YOUR SPOUSE AS AN EMPLOYEE
 
4. THERE MUST BE A BONAFIDE EMPLOYMENT RELATIONSHIP BETWEEN YOU AND YOUR EMPLOYEE-SPOUSE
 
5. YOU MUST PAY "REASONABLE COMPENSATION"
 
6. THE PLAN MUST INCLUDE ALL ELIGIBLE EMPLOYEES AND NOT DISCRIMINATE IN FAVOR OF ANY PARTICULAR EMPLOYEE OR A PARTICULAR CLASS OF EMPLOYEES 
 
7. ELIGIBLE PARTICIPANTS CAN NOT RECEIVE THE PLAN BENEFITS IN CASH
 
8. YOU MUST ADHERE TO RULES OF WHEN YOUR PLAN IS EFFECTIVE AND WHEN YOUR REIMBURSEMENTS ARE DEDUCTIBLE
 
9. YOU MUST TIMELY FILE PAYROLL FORMS
 
10. CLAIM THE ANNUAL PLAN DEDUCTIONS AS A FULLY DEDUCTIBLE BUSINESS EXPENSE ON THE CORRECT IRS FORM
 
11. YOU MUST HAVE THE PROPER MEDICAL REIMBURSEMENT PLAN FORMS (which are included with your kit)