At Focus Insurance Group, we keep your best interest at heart, focusing on YOUR needs.

We take pride in our collaborative approach, providing you the information and tools you need to make the best decision for your family. We work for YOU, not the insurance carriers.

Illinois Small Business Tax Savings - Association 105 HRA

Now you can deduct 100% of your family's health premiums and other medical expenses.

The Association 105 HRA went into effect in March 1999 and is helping over 30,000 small-business owners save valuable tax dollars. The average small-business owner saves over $3,800 in taxes.

How does it save you money?
This plan saves tax dollars by allowing you to deduct 100% of your familyıs health insurance premiums and out- of- pocket expenses (medical, vision, dental and other expenses not covered by your health insurance policy) from state, federal and self-employment taxes.

How do you qualify?
To qualify a small-business owner must be able to employ his or her spouse at least part-time. Please call for additional information.

How do you put this in place?
Contact Focus Insurance Group, Inc. and order the proper documentation.

Example of tax savings:

Total annual
qualified expenses
 X Taxable income factor = Tax Savings

$5,000
30 ( $0 - $14,000 )
$ __________________
$5,500
35 ( $14,001 - $56,800 )
 
$6,000
45 ( $56,801 - $114,650 )
 
$6,500
48 ( $114,651 - $174,700 )
 
$7,000
53 ( $174,701 - $311,950 )
 
$7,500
55 ( $311,951 +
 


Example:
A family of 4 (two middle-aged adults and two children) with an annual income of $96,000 has a yearly health insurance premium of $3,000. In addition, out-of-pocket medical expenses for the year total $7,600.

The insurance premium plus total out-of-pocket is $10,600 X .45 = a tax savings of $4,470.00

Focus Insurance Group, Inc. provides the total package--step by step instructions and help from beginning to end-- to set up a Health Reimbursement Arrangement (HRA) for qualified small- business owners. For all the necessary documentation required to meet IRS, DOL, and ERISA guidelines, contact Randy Gillespie, Focus Insurance Group, Inc. at 217-645-3075 or email Randy.