Lower Your Taxes--BIG TIME! 2019-2020 by Sandy Botkin

Author:Sandy Botkin
Language: eng
Format: epub
Publisher: McGraw-Hill Education
Published: 2019-12-21T16:00:00+00:00

13

Fringe Benefits You Will Love, Part 1

The proper avoidance of taxes is the only intellectual pursuit that still carries any reward.

—John Maynard Keynes, economist, Economic Consequences of the Peace (1920)

Chapter Overview

• Learn about one of the fringe benefits that all corporations should have: tax-free use of property, equipment, and services, also known as working-condition fringe benefits.

• Understand the little-known way to get many fringe benefits with the no-extra-cost approach.

• Learn how to get day-care assistance for you and your employees on a tax-free basis.

• Understand the new and improved rules for company-provided adoption assistance.

• Learn why you should get your medical, dental, and nursing home insurance for yourself and your employees tax-free.

• Set up a self-insured medical reimbursement plan.

• Learn about providing tax-free disability insurance, and understand the one IRS loophole to obtaining the benefits tax-free.

• Understand the little-known de minimis fringe benefits.

• Learn when you can give property at a sizable discount to employees (qualified employee discounts).

• Learn how you can deduct your exercise equipment and set up a gym courtesy of the IRS.

• Have your company provide retirement advice tax-free.

• Learn how to get a low-interest or even no-interest loan from your company tax-free.

• Learn how you can get your company to pay for employee educational expenses and have them be tax-free to the recipient.

• Understand the rules for obtaining as much as $5,250 per year of educational assistance for employees’ children for college costs tax-free.

• Learn when you can pay country club and health club dues and have the benefit be tax-free to the employee.

• Understand when company-provided trips to wonderful destinations can be tax-free.

• Learn about the benefit to your company of buying your home and getting all those closing costs tax-free.

• Learn why your company should provide tax-free moving expenses for you and your employees.

• Learn about when you can have employer-provided transportation, such as limos and chauffeurs, tax-free.

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