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
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).Note:
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.
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.