ObamaCare is here and like it or not, we all have to deal with it. ObamaCare Mitigation is a process that will find the best ways to save money and taxes while complying with the new regulations. There are several ways to save money while complying with the law. I am a CPA, so I don’t work with the insurance or the health care aspects of ObamaCare. I work with the tax and finance aspects. My goal is to save you the most money possible – without sending you to jail or the poorhouse.
Did you know that you don’t have to have insurance or provide it for your employees? Yes you do have to pay a penalty however that penalty is in some cases cheaper than buying the insurance. Not only that, but the IRS cannot legally enforce the penalty other than by reducing your refund. Good tax planning can save you money not only on the taxes you pay but also preventing penalties; or planning ahead for them, in this case.
Another way to save expenses with ObamaCare, is to have a Medical Reimbursement Plan. Did you know that if you have fewer than 50 employees you are not required to provide health insurance unless you have a fast food restaurant? However a great way to let your employees know you care, is to instead implement a Medical Reimbursement Plan; giving your employees a way to pay for their own health insurance or costs that are not covered by health insurance.
We have a video on our website on how ObamaCare works, you can also drop us an e-mail or ask you question on Facebook or Twitter and we will make sure you have the information you need to make an informed decision.