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Fringe Benefits For Employees

Riding the tax break train: Maximizing employee transportation fringe benefits

Employees, Fringe Benefits For Employees, Mass Transit Passes, Small Business, Small Business Owners, Transportation-Related Fringe Benefits /

There are some nice tax breaks for transportation-related employee fringe benefits. If your employer offers these tax-favored fringes, you should probably take advantage of them by signing up. Here’s a quick summary of the current federal tax treatment of transportation-related benefits. Mass transit passes For 2025, employer-provided mass transit passes for train, subway and bus […]

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Exploring business entities: Is an S corporation the right choice?

Business Entities, Capital Losses, Fringe Benefits For Employees, Gross Profit, Qualified Business Income Deducton (QBI), S Corporation, Shareholder, Small Business, Small Business Owners, Small Business Stock /

Are you starting a business with partners and deciding on the right entity? An S corporation might be the best choice for your new venture. One benefit of an S corporation One major advantage of an S corporation over a partnership is that shareholders aren’t personally liable for corporate debts. To ensure this protection, it’s crucial to: Handling

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3 types of retirement plans for growing businesses

401K, Fringe Benefits For Employees, IRA, Retirement, Savings Incentives Match Plans for Employees (SIMPLEs), Simplified Employee Pension (SEP), Small Business, Small Business Owners /

When start-ups launch, their focus is often on tightly controlling expenses. Most need to establish a brand and some semblance of stability before funding anything other than essential operating activities. For companies that make it past that tenuous initial stage, there comes a time when they must loosen up the purse strings and start investing

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Reinvigorating your company’s sales efforts heading into the new year

Customers, Employees, Fringe Benefits For Employees, Sales, Small Business, Small Business Tips /

Business owners, with the year just about over, you and your leadership team presumably have a pretty good idea of where you want your company to go in 2024. The question is: Can you get there? When it comes to success, the driving force behind most businesses is sales. If products or services aren’t moving

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Giving gifts and throwing parties can help show gratitude and provide tax breaks

de mimimis Fringe Benefits, Fringe Benefits For Employees, Gifts, Holiday gifts /

The holiday season is here. During this festive season, your business may want to show its gratitude to employees and customers by giving them gifts or hosting holiday parties. It’s a good time to review the tax rules associated with these expenses. Are they tax deductible by your business and is the value taxable to

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A company car is a valuable perk but don’t forget about taxes

Business Expenses, de mimimis Fringe Benefits, Employees, Federal Tax Deductions, Federal Taxes, Fringe Benefits For Employees, Tax Cuts and Job Acts (TCJA), Tax Deduction, Vechicle /

One of the most appreciated fringe benefits for owners and employees of small businesses is the use of a company car. This perk results in tax deductions for the employer as well as tax breaks for the owners and employees driving the cars. (And of course, they enjoy the nontax benefit of using a company

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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 /

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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The tax consequences of employer-provided life insurance

Federal Taxes, Fringe Benefits For Employees, Income Tax, Insurance, Life Insurance, Small Business Tax Tips /

If your employer provides life insurance, you probably find it to be a desirable fringe benefit. However, if group term life insurance is part of your benefits package, and the coverage is higher than $50,000, there may be undesirable income tax implications. You’re taxed on income you didn’t receive. The first $50,000 of group term

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