A compliant Section 105 Trust Plan has helped qualifying small business owners save on their benefits for over 40 years. With a proven track record of customer service, updates to keep current with tax, ERISA and labor law changes, our Plan Provider provide compliant plans and service to legally deduct your Individual/Family Plan medical insurance premiums and medical expenses from your business income.
With over 25 years of helping clients with medical Reimbursements (as well as being a client ourselves), we can help you set it up quickly and easily, and discuss the program with your tax adviser.
Section 105 Plans are medical reimbursement plans using spousal employment as it's basis. If payroll is not properly and consistently paid, the medical deduction may not be allowed. Most state labor laws require minimum frequency for payroll. While our Plan Provider provides the documentation requirements, they do not provide payroll guidance or assistance.
SOLO105 takes the extra steps to offer cost-effective compliant payroll services to our clients to provide a complete solution. Our simple process will guide you from set-up to initial payroll to ongoing monthly payroll with minimal effort on your part. Our payroll partner is available to assist with both online and personal support to make sure your payroll is prepared properly and in full compliance. Available in all 50 states.
Pay premiums and medical expenses and reimburse through your business account. Substantiate your expenses and track using the Online Expense Dashboard. At end of the year, submit your expenses, have claims adjudicated and provide your Tax Preparer with an Annual Summary Report.
