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Q: I attended the TaxTalk seminar in Casper, WY, in March. You mentioned some tax perks to hiring your spouse. Can you explain that to me?
A: The key benefit to hiring your spouse is related to the benefits of a Health Reimbursement Arrangement used to maximize the pre-tax payment of medical expenses. For about the last 25 years, the IRS has allowed small businesses to adopt Heath Reimbursement Accounts for their employees as authorized under Internal Revenue Code Section 105. The NASE HRA 105 plan is such a plan, thus the name 105. These Plans allow for your business to pay for things like insurance premiums, dental care, eye care, prescription drugs,...