Quinten Posted August 15, 2021 Share Posted August 15, 2021 If you run a business with employees, do you have any plans set forth for them that also give you benefits towards your own taxes? As in, if you do programs and support your employees, do you get any tax cuts for doing so? Say you help pay into their retirement fund, does that help you during tax season at all? 1 Quote Link to comment Share on other sites More sharing options...
Brenden Posted August 16, 2021 Share Posted August 16, 2021 I'm not sure, but I imagine you get some kind of tax incentives for supporting your employees with health insurance, dental, bonuses and all that. But I can't say for sure as I don't have employees myself and I couldn't tell ya. But, if I had to guess, you probably do get some incentives. Also maybe if you include retirement fund in there as well. 1 Quote Link to comment Share on other sites More sharing options...
James Posted August 16, 2021 Share Posted August 16, 2021 Yes these are all business expenses and helps reduce net profit which is what tax is paid on. The other thing these packages do such as offering medical, 401k, and other wellness options is make for happier employees and help you retain them a bit longer. As you do retain them longer they get to stay healthy for you so they can continue to work harder. So yeah there is a tax benefit there if you want to look at it through that lens. Quote Link to comment Share on other sites More sharing options...
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