May 2008

Increase your tax deductions by more than $9,000 with new member benefit

A new Farm Bureau member benefit affords member-owned family farms and small businesses the same tax advantages as big corporations—and significant savings on federal, state and self-employment taxes.

AgriPlan (for farmers) and BizPlan (for small business owners) are medical reimbursement plans well-suited for sole proprietors, corporations, limited liability companies and partnerships. Both save substantial tax dollars by allowing businesses to deduct 100 percent of their family health insurance premiums and out-of-pocket medical, vision and dental expenses not covered by insurance.

How do they work?

AgriPlan and BizPlan are IRS Code Section 105 Medical Reimbursement Plans. Self-employed participants can offer a part-time or full-time employed spouse a medical reimbursement package that covers qualified costs and those incurred by family members, including the employer.

Both plans are administered by Total Administrative Services Corp., which currently works with other state Farm Bureaus to offer the AgriPlan and BizPlan benefits. TASC has 15 years’ experience with such plans and offers an industry-exclusive audit guarantee that it will stand behind all enrolled participants who adhere to the plans’ outlined procedures and parameters. TASC also offers efficient processing and complete documentation of eligible expenses; assistance with IRS, DOL and ERISA compliance; the ability to view account status information online; and support via a toll-free hot line.

Members can utilize AgriPlan and BizPlan regardless of whether they purchase their health insurance through Virginia Farm Bureau.

AgriPlan and BizPlan are fee-based services, and members who enroll will receive a $25 discount for the first year they have a contract with TASC and a $12.50 discount for each subsequent year that they renew that contract.

For more information call TASC toll free at 888-595-2261 and mention that you are a Virginia Farm Bureau member.