Jane Applegate's book, "201 Great Ideas for your Small Business," offers savvy suggestions for business owners. Great Idea No. 62 is particularly pertinent for remodelers. Applegate recommends taking advantage of Section 105, which allows small, family-owned businesses to reimburse themselves for 100-percent of uninsured medical, dental, and vision expenses.
According to Applegate's book, Section 105 may work for you, if:
- You operate a husband-and-wife sole proprietorship or partnership.
- One spouse works for another.
- You pay your spouse a reasonable salary.
- You withhold payroll taxes and keep careful timesheets.
- You keep a separate business banking account for reimbursements.
- The spouse on the payroll incurs the expenses and requests reimbursement from you, the business owner.
- You are willing to file the necessary paperwork with the federal government.
Read 200 more top-notch tips, and visit Amazon.com to purchase "201 Great Ideas for your Small Business."