Employee Benefits – DougFreemanCPA.com

Business owners: Think carefully about fringe benefits related to smartphones

Employee Benefits, Fringe Benefits For Employees, Small Business, Small Business Owners, Small Business Tax Tips / Douglas Freeman

You’d be hard-pressed to find many employees these days who don’t use smartphones for some aspect of their jobs. Even someone who works behind a point-of-sale device may use a phone to interact with a supervisor or log work hours. For business owners, this situation creates both problems and opportunities. On the downside, there are […]

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Should your business add a PTO buying feature to its cafeteria plan?

Employee Benefits, Employees, Paid Time Off (PTO), Small Business Owners, Small Business Tips / Douglas Freeman

With the pandemic behind us and a red-hot summer in full swing, many of your company’s employees may be finally rediscovering the uninhibited joys of vacation. Your workers might be having so much fun, in fact, that they might highly value being able to buy even more paid time off (PTO) as an employee benefit.

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If you’re hiring independent contractors, make sure they’re properly handled

Employee Benefits, Employee Tax Audit, Employees, Form 1099-NEC, Independent Contractors, Small Business, Small Business Tax Tips / Douglas Freeman

Many businesses use independent contractors to help keep their costs down — especially in these times of staff shortages and inflationary pressures. If you’re among them, be careful that these workers are properly classified for federal tax purposes. If the IRS reclassifies them as employees, it can be an expensive mistake. The question of whether

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Education benefits help attract, retain and motivate your employees

Employee Benefits, Fringe Benefits For Employees, Qualified Educational Assistance Program / Douglas Freeman

One popular fringe benefit is an education assistance program that allows employees to continue learning and perhaps earn a degree with financial assistance from their employers. One way to attract, retain and motivate employees is to provide education fringe benefits so that team members can improve their skills and gain additional knowledge. An employee can

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Businesses, be prepared to champion the advantages of an HSA

Employee Benefits, Health Savings Account, High Deductable Health Plan, HSA, Small Business, Small Business Owners, Small Business Tax Tips, Tax-Advantaged Savings / Douglas Freeman

With concerns about inflation in the news for months now, most business owners are keeping a close eye on costs. Although it can be difficult to control costs related to mission-critical functions such as overhead and materials, you might find some budge room in employee benefits. Many companies have lowered their benefits costs by offering

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Retirement saving options for your small business: Keep it simple

Employee Benefits, Employees, IRA, Retirement, Savings Incentives Match Plans for Employees (SIMPLEs), Simplified Employee Pension (SEP), Small Business, Small Business Tax Tips / Douglas Freeman

If you’re thinking about setting up a retirement plan for yourself and your employees, but you’re worried about the financial commitment and administrative burdens involved, there are a couple of options to consider. Let’s take a look at a “simplified employee pension” (SEP) or a “savings incentive match plan for employees” (SIMPLE). SEPs are intended

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Choosing a business entity? Here are the pros and cons of a C corporation

C Corporations, Compensation and Benefits, Employee Benefits, Federal Income Tax, Income Tax, Small Business, Small Business Owners / Douglas Freeman

If you’re launching a new business venture, you’re probably wondering which form of business is most suitable. Here is a summary of the major advantages and disadvantages of doing business as a C corporation. A C corporation allows the business to be treated and taxed as a separate entity from you as the principal owner.

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Choosing a retirement plan for your small business

401K, Employee Benefits, Employees, Retirement, Roth IRA, Savings Incentives Match Plans for Employees (SIMPLEs), Small Business / Douglas Freeman

Most growing small businesses reach a point where the owner looks around at the leadership team and says, “It’s time. We need to offer employees a retirement plan.” Often, this happens when the company is financially stable enough to administer a retirement plan and make substantive contributions. Other times it occurs when the business grows

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Is your business required to report employee health coverage?

Company Health Care Plans, Employee Benefits, Employees, Form W-2, Health Care, Small Business / Douglas Freeman

As you’re aware, certain employers are required to report information related to their employees’ health coverage. Does your business have to comply, and if so, what must be done? Basic rules. Certain employers with 50 or more full-time employees (called “applicable large employers” or ALEs) must use Forms 1094-C and 1095-C to report the information

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Provide employee parking? Here’s what the IRS wants to know

Employee Benefits, Fringe Benefits For Employees, Small Business / Douglas Freeman

Many offices, plants and other business facilities are once again filled with real, live people. And those hard-working employees need somewhere to park. If your company provides parking as a fringe benefit — either on or near your premises or at a location from which employees commute — the IRS may take an interest in

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