tax deductions

Tax-free reimbursements of business expenses: Accountable plan basics

Tax-free reimbursements of business expenses: Accountable plan basics

Businesses can reimburse owners and employees for out-of-pocket expenses under an accountable plan, a set of rules and processes that allow tax-free reimbursements of certain business expenses. The best time to set up an accountable plan is now.

Providing health insurance benefits to your employees: How does a self-insured plan differ from an insured plan?

Providing health insurance benefits to your employees: How does a self-insured plan differ from an insured plan?

Most employers want to provide some type of fringe benefit to their employees. It’s a convenient way to attract and retain good workers. One of the more commonly provided fringe benefits is health insurance. There are three primary methods in which to provide this benefit.

Home Office Expenses: Are you taking all available deductions?

Home Office Expenses: Are you taking all available deductions?

To claim a deduction for the business use of your home, you must qualify under one of the following circumstances:

You use a portion of your home regularly and exclusively (1) as the principal place of business for a trade or business; (2) as a place to meet with clients, patients or customers in the course of the trade or business; or (3) in connection with your trade or business, if the location is in a separate structure not attached to the home.

Employee Gatherings May Be Tax Deductible

Employee Gatherings May Be Tax Deductible

Do you throw a holiday party, summer outing or a similar type of event for your employees? The expense of providing recreational, social or similar activities (including the use of a facility) for your employees is deductible and isn’t subject to the 50% limit. However, the benefit must be primarily for employees who aren’t highly compensated.