Glenwood chamber offers new financial plans |

Glenwood chamber offers new financial plans

The Glenwood Springs Chamber Resort Association now offers four new plans to its members for medical insurance, retirement planning and higher education planning.-The AgriPlan/BizPlan is based on a little-known provision in the Internal Revenue Code, which allows qualifying self-employed business owners a 100 percent tax deduction on family health care expenses.”Last year, the average AgriPlan/Biz Plan participant saved $2,450,” said Glenwood Springs Chamber Resort Association director Marianne Virgili.To qualify, participants must have a spouse who assists with the business, and have fewer than three employees. Family health insurance premiums, and non-insured medical, dental and vision care expenses, are 100 percent deductible on federal, state and self-employment taxes.-The FlexSystem Section 125 cafeteria plan allows employers to offer benefits such as health insurance, dependent care, and out-of-pocket medical expenses to their employees on a pre-tax basis.”For every dollar an employee runs through a cafeteria plan, the employer saves on FICA tax,” Virgili said. “In most cases, the savings realized through the plan more than pay for the cost of administering the plan.”-The Maximum Advantage Pension Planning (MAPPS) is a business retirement program that offers a full array of plans, as well as consulting to determine which plan is most appropriate for an employer.-The PHiEd plan is for higher education costs.”PHiEd is a very specialized service, created to help families plan for the financial demands of higher education and maximize the financial assistance awarded by the U.S. Department of Education and colleges,” Virgili said.The four new programs are being offered through Total Administrative Services Corp., which is featured in the books “201 Great Ideas for Small Businesses,” “Money Smart Secrets for the Self-Employed,” and “Taxes for Dummies.”For information, call Virgili at 945-6589.

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