Wednesday, February 13, 2013

Deducting Medical Reimbursements

Q.  As a self employed person, I understand I can reimburse myself for medical expenses and deduct it is a business expense. How is this possible?

A.  Trust me, if it were that easy, everyone would be doing it. There are several qualifications, the first of which is that you must be employed by your business. Internal Revenue Code 105 and 125 deal with some of these issues. For a brief synopsis, please read the following link: Section 105 Medical Reimbursement

The first thing you should do is to call a qualified business attorney, and or insurance agent knowledgeable with these plans to see if it would be worthwhile for your business.  Good luck.

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