In Tax-Free Benefits, we have over 30 pages of tax-free and almost tax-free benefits you can take from your business.
Before you jump in, and start gifting yourself all kinds of bling bling and bennies of the Rich & Famous, there are two things you must consider first:
Discriminatory vs. Non-Discriminatory Plans
Type of Business Structure You have
Discriminatory vs Non-discriminatory Benefit Plans
A non-discriminatory plan is one that is tax deductible for the company but has some stricture rules on who must be included. Generally speaking, a non-discriminatory plan must include all full-time employees. Not only that, but you need to also include the employees of any other businesses you or certain family members control.
A discriminatory benefit plans means you can discriminate on who gets the benefits.
The best owner benefits come from a C Corporation, hands down. But remember you don’t want to make a business structure selection strictly by how many benefits you can take.
Here are some of the Tax-Free (and almost Tax-Free) Benefits we discuss in Tax-Free Benefits:
- Property, Equipment and Services
Medical Expense Reimbursement Plan
De Minimis Fringe Benefits
5 Ways to Deduct 100% of Meals Cost
Working Condition Benefits
S Corporation Tax-Free Fringe Benefits
“Outside the Box” Fringe Benefits include laundry service, massages, yoga classes and more!
PLUS 25 Low Cost Fringe Benefits
In Tax Free Benefits we discuss when and how to legally take these deductions and what paperwork you need to prove the deduction in case the IRS asks. You can pick up your copy of Tax Free Benefits by clicking on the link and downloading this information-packed handbook today!