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    brody1's Avatar
    brody1 Posts: 2, Reputation: 1
    New Member
    		  
    #1

    Sep 20, 2007, 10:22 AM
    Sect. 125 Plan?
    My wife and I run a small home based business (LLC).
    We take weekly draws from the business.
    We have a Blue Cross/BS company insurance policy with high deductibles.
    Can we have a Sect. 125 plan where ALL out of pocket medical expenses can be deductible? If not, what is the best method to be able to deduct ALL medical expenses?
    jef1056's Avatar
    jef1056 Posts: 70, Reputation: 5
    Junior Member
    		  
    #2

    Sep 20, 2007, 10:57 AM
    Quote Originally Posted by brody1
    My wife and I run a small home based business (LLC).
    We take weekly draws from the business.
    We have a Blue Cross/BS company insurance policy with high deductibles.
    Can we have a Sect. 125 plan where ALL out of pocket medical expenses can be deductible? If not, what is the best method to be able to deduct ALL medical expenses?
    There are tax issues with owner operated businesses and 125 plans.
    Look Into a HSA plan. Marries a high deductible health insurance plan with a tax free savings account.
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