Contributions that participants make to an HSA are deductible, within limits. Contributions that employers make aren’t taxed to participants.
Category Archives: Employee Benefits
Some business owners can’t participate in their own companies’ HRAs
August 28th, 2019 by Douglas Freeman
Posted in C Corporations, Employee Benefits, High Deductable Health Plan, HRA, HSA, Partnerships, S Corporation, Self Employed, Small Business, Sole Proprietors
Tags: Health Reimbursement Arrangements, Health Savings Account, Internal Revenue Code Section (IRC) 401(c), IRC Section 1402 (a)
Whether an owner can participate in his or her company’s HRA depends on several factors, including how the company is organized and the amount of the business owned by each working owner.
The tax implications of a company car
August 26th, 2019 by Douglas Freeman
Posted in Employee Benefits, Income Tax, Repairs and Maintenance, Small Business, Tax, Tax Deduction, Tax Planning, Vehicle Expenses
Tags: Company Car, Employee Fringe Benefits, Out-Of-Pocket Expense
The use of a company vehicle is a valuable fringe benefit for owners and employees of small businesses. We can help you stay in compliance with the rules.
Should your health care plan be more future-focused?
May 2nd, 2019 by Douglas Freeman
Posted in Company Health Care Plans, Employee Benefits, Health Care, Health Care Insurance, Small Business, Virtual Care
Tags: Assessments, Enhanced Care Management, Future Focused Health Care, Healthy Culture, Healthy Foods, Medical Providers, On-Site Fitness Facilities, Telemedicine
When it comes to health care plan design, many employers are looking to “future-focused” features to encourage healthful behaviors rather than trying to slash costs.
Could your business benefit from the tax credit for family and medical leave?
March 18th, 2019 by Douglas Freeman
Posted in Compensation, Deductions, Employee Benefits, Federal Tax Credit, Qualifying Leave for Family Medical Leave, Small Business, Tax Credits, Tax Cuts and Job Acts (TCJA), Uncategorized
There’s a family and medical leave credit that could be an attractive perk for your company’s employees.
There’s still time for small business owners to set up a SEP retirement plan for last year
March 14th, 2019 by Douglas Freeman
Posted in 2018 Tax Return, 2019 Tax Forms, Employee Benefits, Simplified Employee Pension (SEP), Tax Deadlines, Tax Planning, Tax Savings
Tags: Form 5305-SEP, Retirement Plans, Vested
Are you wishing you’d set up a retirement plan for your small business for 2018? Believe it or not, you may still be able to do so, and also reduce your 2018 tax liability!
Can a PTO contribution arrangement help your employees and your business?
December 11th, 2018 by Douglas Freeman
Posted in 401 K, Employee Benefits, Paid Time Off (PTO), Retirement
Paid time off (PTO) contribution arrangements turn vacation time into pretax retirement plan contributions. Here’s what to consider when deciding if one is right for your business.
When holiday gifts and parties are deductible or taxable
November 26th, 2018 by Douglas Freeman
Posted in Business Income Tax, de mimimis Fringe Benefits, Employee Benefits, Gift Tax, Gifts, Holiday gifts, Income Tax, Small Business, Tax, Tax Cuts and Job Acts (TCJA)
Tags: Gift to Customers, Gifts to Employees, Holiday Parties
If you’re thinking about giving holiday gifts to employees or customers or throwing a holiday party, be sure to consider the tax consequences, both for you and for the recipients of your generosity.
It’s not too late: You can still set up a retirement plan for 2018
November 12th, 2018 by Douglas Freeman
Posted in 401 K, Employee Benefits, Income Tax, Individual Income Tax, Internal Revenue Service, Investment, Investment Income Tax (NIIT), IRA, Pension benefit, Profit-Sharing, Profit-Sharing Plan, Simplified Employee Pension (SEP)
Tags: 2018 Tax Planning, Credit, SEP, Tax-Advantage Retirement Plan
Setting up a retirement plan provides small business owners with many tax and nontax benefits. But time is running out to set one up for 2018. Find out more
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