We’re no McDonalds, but that kind of number should get some attention. After all, it’s not every day that a business can tout statistics anywhere close to the billion mark. TASC can! Through our flagship services, AgriPlanNOW and BizPlanNOW, we have saved American business owners more than one billion dollars in taxes over the last ten years alone! We reached this milestone by empowering self-employed family business owners with an important tax savings strategy, a method to legitimately write off all of their healthcare expenses. By simply using these programs a small business owner may offer an employed spouse a medical reimbursement package—which covers any costs incurred by the employee and any family members—resulting in a 100% deduction of the employer family’s medical costs.
TASC’s average AgriPlanNOW and BizPlanNOW Client saves $4,000 in taxes each year. And that savings adds up quickly when it’s multiplied by the more than 25,000 business owners that TASC works with across the country. The numbers tell this success story very well. For example, in the 2007 Plan Year alone, our Clients were able to collectively deduct $295,230,106 from their taxes, for an average deduction of $10,625 per Client. At a 35 percent tax rate, that amounts to a per Client savings averaging $3,719. That annual savings over the course of the last ten years represents a hefty sum that is back in the bank accounts of these small business owners, providing them with the capital they need to keep their doors open. And that’s money that they spend right in their local communities on other products and services.
TASC reaches the one billion dollar level in another important way. Each year we “float” more than one billion dollars. This reflects Participant benefits account contributions to TASC’s Plans, contribution dollars that are waiting to reimburse payment for eligible expenses and commissions to our Providers. It also represents a huge responsibility. In fact, throughout 2012 we will be upgrading our accounting systems to further ensure that these monies stay secure and accounted for.
We’re no McDonalds, that’s for sure. But one billion dollars represents a lot of hamburgers!
TASC CEO Blog 