GOAL IS SMOOTH
TAX FREE PERKS
As the driving force behind your company, it is important for you to stay in tip top shape.
Strategy: Schedule a physical before the end of the year. If the company foots the bill for medical diagnostic procedures, either by paying the physician directly or reimbursing you for the cost, this tax benefit is 100% tax free to you. Normally you must comply with strict nondiscrimination rules to ensure the tax free treatment of employer paid benefits. However, you do not have to offer annual physicals to the entire rank and file. You can set up the medical checkups for a select group of employees, or even just yourself. Even if you pay for a physical out of your own pocket, it is still a good idea. The cost qualifies for the medical expense deduction. For 2017, the tax law currently says you can only deduct unreimbursed medical expenses to the extent they exceed 10% of your adjusted gross income
Certified Public Accountants FAX 732-516-9778
328 Amboy Ave, Metuchen NJ 08840