Yes, it is that time of year again when whistles are blowing, people are cheering, and basketball is what a large portion of the American population is thinking about. March Mayhem is what we will call it.

A time when shot clocks run out and more than one buzzer beater shot is tossed up to make one team victorious. Sometimes this team is the little guy that fights their way to a place that many will only dream of, a place many will never reach.

While there may be not be a Cinderella team this year, it is funny how this common Cinderella story somewhat resembles the journey of an entrepreneur. That person who has a dream of one day enjoying that feeling. The feeling of pure adrenaline that rushes through a person when they realize they have finally reached that Cinderella moment. Finally, the moment, when the little guy begins to realize they have successfully conquered critics and statistics. Much like that Cinderella team that nobody thought would make it, that small business owner has survived and become a successful entrepreneur.

Many of the small business owners who do survive have their very own March Mayhem and it’s known as tax time. More often than not, small businesses only take the standard deduction offered on Form 1040 for their self-employed health insurance costs. But others take it a step further with a Section 105 HRA, which gives them the opportunity to deduct both their premiums and qualified out-of-pocket expenses on their business tax return.

Like basketball, those small business owners who take it a step further come out a winner. So when you think of the relief the Cinderella team feels when they sink that buzzer beater shot, think of the small business owners around you who utilized a 105 HRA for an average tax savings of $3800.

BASE - Marketing

In Iowa, we have the Great Iowa Treasure Hunt. It is an official outlet for the State Treasurer’s office. Every year millions of dollars are turned over to the treasurer’s office as lost or abandoned. Some of these dollars may have been left in dormant accounts at financial institutions, insurance companies, trust holdings and utility companies. In addition to money and securities, it could also be holdings from safe deposit boxes including such things as watches, jewelry, coins, currency, stamps, historical items and other miscellaneous articles.

To perform a search, simply enter your name and you may have a windfall waiting for you. I know it does work because my brother-in-law and my mother have both benefited from this site. So far, I haven’t been that lucky.

It seems we are always on a treasure hunt in life. We look for the perfect mate, house, career, basically anything that will help us attain the "American Dream" status.

As the tax deadline is knocking on my door I wonder if I will find a hidden treasure in my taxes. Some magic deductions that will make any tax liability disappear. I have read several articles on deductions where they are referred to as treasures. They could be if, for example, you buy your first home or even a new car (a hybrid would be even better). Neither of those are in my plans.

Keep your mind open to other treasures. Do research on your own before tax time. Check on anything that might help you lower your tax liability either as a personal deduction or a business deduction. If you are a small business owner consider an HRA. It is truly a treasure.

Good luck on all your future treasure hunts!

Everyone has been hearing about the massive Stimulus Bill President Obama has recently signed. Nearly $300 Billion in tax relief, yet people are still hesitant to believe this will stimulate the current state of the economy.

This new law will provide individuals and businesses with immediate relief. However, the term immediate seems to be a little misleading, considering nobody really knows when this country as a whole will begin to feel as though they are actually reaping rewards from this concentrated effort by the government.

Small businesses are eligible for several different tax benefits including net operating loss carryback, Code Sec. 179 expensing, qualified small business stock, estimated taxes and more. But, not many small business owners really have the time to read and sort through all of this information. Instead, many small business owners rely on their tax professional to be responsible to decipher all of the information and what actually pertains to them and their business.

Is it really that simple? Are there things these business owners should be doing now to properly take advantage of these tax benefits?

A perfect example is the relief a small business owner could have with the Sec. 105 Health Reimbursement Arrangement. Many small business owners are unaware that they could stimulate their own economic state by enrolling in a 105 HRA, which would provide them with the documentation to properly take an additional deduction on their taxes.

Not all accounting professionals are aware of this deduction. This is a real deduction that could, like many of the latest tax benefits outlined in the latest stimulus bill, be part of the catalyst a small business owner needs to continue to live out the American dream and succeed as a small business owner. Ok, that might sound a bit extreme, but imagine having an additional $3,800 deduction, which is the average savings for small business owners enrolled in a 105 HRA.

I think most small business owners would welcome the opportunity to save money on their taxes with a 105 HRA, especially considering the current economic state of this country. However, you can’t just expect to take this deduction without having a plan in place. With just one simple phone call you could have this plan in place, and then provide your tax professional with the documentation necessary to take this deduction at tax time. By making the call today, you could save time and money, not to mention allowing your tax provider time to focus on some of the newer items at the forefront of this new stimulus bill that might affect you.