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Fringe Benefits For Employees

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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Education benefits help attract, retain and motivate your employees

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

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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Providing fringe benefits to employees with no tax strings attached

de mimimis Fringe Benefits, Employees, Fringe Benefits For Employees, Small Business /

Businesses can provide benefits to employees that don’t cost them much or anything at all. However, in some cases, employees may have to pay tax on the value of these benefits. Here are examples of two types of benefits that employees generally can exclude from income: A no-additional-cost benefit. This involves a service provided to

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

Employee Benefits, Fringe Benefits For Employees, Small Business /

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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No parking: Unused compensation reductions can’t go to health FSA

Compensation and Benefits, Employee Benefits, Employees, Fringe Benefits For Employees, FSA /

Among the many lasting effects of the pandemic is that some businesses are allowing employees to continue working from home — even now that the most acute phases of the public health crisis seem to be over in some places. This decision is raising some interesting questions about fringe benefits. For example, in IRS Information

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Providing a company car? Here’s how taxes are handled

Company Car, Corporations, Employee Benefits, Employees, Fringe Benefits For Employees, Small Business, Tax Deduction, Vehicle Expenses /

The use of a company vehicle is a valuable fringe benefit for owners and employees of small businesses. This perk results in tax deductions for the employer as well as tax breaks for the owners and employees using the cars. (And of course, they get the nontax benefit of getting a company car.) Plus, current

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Businesses can show appreciation — and gain tax breaks — with holiday gifts and parties

de mimimis Fringe Benefits, Employees, Fringe Benefits For Employees, Holiday gifts, Small Business, Tax Deduction /

With Thanksgiving just around the corner, the holiday season will soon be here. At this time of year, your business may want to show its gratitude to employees and customers by giving them gifts or hosting holiday parties again after a year of forgoing them due to the pandemic. It’s a good time to brush

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Tax-free fringe benefits help small businesses and their employees

Compensation, Employee Benefits, Flexable Spending Accounts, Fringe Benefits For Employees, FSA, Small Business, Tax, Tax Cuts and Job Acts (TCJA), Tax Savings /

In today’s tightening job market, to attract and retain the best employees, small businesses need to offer not only competitive pay, but also appealing fringe benefits. Benefits that are tax-free are especially attractive to employees. Let’s take a quick look at some popular options. Insurance Businesses can provide their employees with various types of insurance

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