In order to qualify for an Individual HRA, a small business/sole-proprietor owner must be able to employ their spouse making the spouse an employee of the business. The small business owner would then provide a reasonable wage for business duties, then fills out certain Internal Revenue Service forms. An Individual HRA makes the accounting procedures easy. We provide your accountant all of the administration and documentation required, helping you to develop and maintain a presentable Individual HRA.
A few of the expenses that could be deducted by using an Individual HRA are listed below:
• Health Insurance Premiums
• Qualified Long-Term Care Insurance Premiums*
• Vision & Dental Care
• Prescription & OTC Medications
• Co-Payments for Prescriptions and Office Visits
• More...
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