Mark Kohler explains how small-business owners can use Health Reimbursement Arrangements paired with Health Savings Accounts to deduct medical expenses while keeping HSA funds growing. Any HRA reimbursement must be completed by December 31st to qualify for the tax benefit.
HHRA, or health reimbursement Arrangement. This is the brother or sister, whatever you'd like to call it, to the Health Savings Account. And these are super powerful. In a small business where you're trying to write off all of your medical expenses and you want to leave that HSA money alone and let it ride and you can afford to do it, then let's add an HRA to the mix. Or you could do it in conjunction with an hsa. Super powerful. We've talked about these on podcasts before, but the reimbursement has to happen before December 31st. I have a whole chapter in my book on this topic, the Tax and Legal Playbook. You can get it on Amazon and read it in 10 minutes. But talk to your accountant. If they haven't brought this up before and you've got medical expenses and you're a small business owner again, you may have the wrong accountant. Very important.
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