When you get busy with your business, it’s easy to forget about your retirement accounts and medical coverages and plans.

But year-end is approaching, and now’s the time to take action.

Here are the six strategies that you can implement before the end of the year. Five of the strategies increase your tax deductions, and one (the Roth) strategy increases your retirement benefits.

  1. Put your retirement plan in place no later than December 31 so you are absolutely sure that you have a plan. In fact, be sure to make a contribution to the plan before December 31.
  2. Convert your traditional IRA to a Roth IRA. The long-term savings here can be huge. Make sure to leave the converted funds in the Roth for at least five years.
  3. If you have a Section 105 plan in place and you have not been reimbursing expenses monthly, do a reimbursement now to get your 2019 deductions, and then put yourself on a monthly reimbursement schedule in 2020.
  4. If you have not implemented your qualified small employer HRA (QSEHRA), make sure to get that done properly now. If you have not yet put a QSEHRA in place and you plan to do so on January 1, do that now and just suffer that $50-per-employee penalty should you be found out. Alternately, consider implementing an individual care HRA (ICHRA) in 2020.
  5. If you operate your business as an S corporation and you want an above-the-line tax deduction for the cost of your health insurance, you need the S corporation to (a) pay for or reimburse you for the health insurance and (b) put it on your W-2. Make sure that the reimbursement happens before December 31 and that you have the reimbursement set up to show on the W-2.
  6. Claim the tax credit for the group health insurance you give your employees. If you provide your employees with group health insurance, see whether your pay structure and number of employees put you in a position to claim a 50 percent tax credit for some or all of the monies you paid for health insurance in 2019 and, possibly, prior years.

If you need more insights into these strategies, please contact me at angie@angelfinancial.services.

Contact us

When a client sends us a text message, we promptly respond with a message that informs them about our communication policies and provides them with an option to opt-out. Consent is obtained at the beginning of a business relationship. SMS is only being used for contact with existing, active customers. This is the link the Oasis team uses that has an online presence to get implied consent: https://angelfinancial.services/

REFUND POLICY
If you select a pay-in-full option for any of the tiers above, you have a 60 day refund policy, no questions asked. Note: if you receive a refund, we cannot  issue a certificate for credits.

On the month-to-month plans, you can cancel any time, although there are no refunds available.

Rest-assured, we trust you’ll have a fun, informative, and positive experience in The Executive Touch.

COMPLAINT RESOLUTION
For more information regarding administrative policies such as complaints, please contact us at 571-972-5777. CPE Standards Reference: Standard No. 12