Employee Benefits Program

A strong employee benefits program – including low-cost employee incentives, employee recognition programs, and employee appreciation programs – can help you improve morale and retention.

We provide employee appreciation day ideas, help you with employee retention strategies and employee benefits management

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1. Self-employed? Deduct full health premium

Finally, self-employed people can write off 100 percent of their health insurance premiums (up from 70 percent in 2002).


You can reap significant additional tax savings by making your spouse an employee of your sole proprietorship or single-member LLC and setting up a medical expense reimbursement plan. That strategy could let you deduct all your family's health costs (including uninsured expenses) on Schedule C, plus it could lower your self-employment tax bill.

With the economic upsurge generating more hiring, it may become a "buyer's market" again. So you'll need to show your best cards to win the star applicants.

You've probably heard that hiring your children is a great tax-saving move. Their income is taxed in their low tax bracket, and as long as you handle things correctly, your company can deduct the compensation.

Issue: The federal Health Insurance Portability and Accountability Act (HIPAA) places new privacy requirements on employers. Risk: Smaller businesses must start complying in April. Fines range from $100 per violation ...
Issue: Retaliation complaints by employees doubled in the past decade.
Risk: Even if you escape liability on an initial employment lawsuit, you could be smacked with a secondary retaliation charge. ...

C corporations offer better tax treatment for fringe benefits than S corporations. But don't avoid an S corporation election simply because of fringe benefits.

If parking space is at a premium near your building, you may pay for employees to park their cars in a nearby garage or lot.

If you set up a qualified fringe benefit plan, your company can deduct those parking costs, and the benefit is tax-free to the employees. Unfortunately, your company may pay a pretty penny for its local parking privileges.

Last year, the federal Health Insurance Portability and Accountability Act (HIPAA) required companies that sponsor large health care plans (more than $5 million in premiums or claims) to start complying with new privacy rules.

This year, it's your turn. Starting April 14, smaller businesses that fall below the $5 million threshold must comply.

The IRS turns a skeptical eye toward what it deems "unreasonable compensation" paid to C corp owner-executives. The taxman can decide your salary is too large and label part of it as a nondeductible dividend.

If your small business offers generous benefits, promote that point hard in your want-ads.

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