REDUCING RETENTION COSTS
Creating Employee Adhesion Through Affordable Premium Benefit Design
For most employees today, it’s not only about the paycheck. It’s also about the attached benefits that offer peace of mind knowing there’s a plan in place for their health and their financial future. Having a good corporate benefits program in place helps attract and retain the type of employees that are essential for the success of your business. Miser Wealth Partners, LLC, features a team of advisors who are extensively experienced in helping businesses of varying sizes implement the most impactful corporate benefits for employees while also fostering tax savings for the corporation.
What should I consider when evaluating corporate benefits for my employees?
The professionals at Miser Wealth Partners are experienced in several areas where small businesses can improve their employee benefits programs and maximize business tax deductions and credits. Below are some key considerations with which we can help:
- Retirement plans: Small businesses can enhance their employee benefit programs by offering retirement plans such as 401(k) plans or Simplified Employee Pension (SEP) IRAs. These plans not only provide valuable retirement savings opportunities for employees but also offer tax advantages for the business. Contributions to retirement plans are tax deductible for the business, and certain tax credits may be available for employers who start a new retirement plan.
- Health Savings Accounts (HSAs) and Flexible Spending Accounts (FSAs): Small businesses can encourage employees to save for medical expenses by offering HSAs or FSAs. HSAs allow employees to contribute pre-tax dollars, and withdrawals for qualified medical expenses are tax-free. FSAs enable employees to set aside pre-tax funds for eligible healthcare expenses. By offering these accounts, businesses can enhance their employee benefit packages while providing tax advantages for both the business and employees.
- Health insurance premiums: Business owners should explore available tax credits for offering health insurance coverage to their employees. The Small Business Health Care Tax Credit may be applicable to businesses with fewer than 25 full-time equivalent employees, offering a credit for a portion of the premiums paid.
- Employee Assistance Programs (EAPs): EAPs provide support services for employees, such as counseling, financial planning, and work-life balance resources. These programs can improve employee well-being and productivity. Small businesses can deduct the costs of EAPs as business expenses, maximizing the value of these programs.
- Dependent care assistance: Small businesses can offer dependent care assistance programs, such as dependent care flexible spending accounts or employer-provided childcare facilities. These programs help employees cover the costs of childcare expenses and can offer a tax advantage for both the business and employees.
- Education assistance: Providing education assistance programs, such as tuition reimbursement, can attract and retain talent while promoting employee development. Small businesses can take advantage of tax deductions for education assistance programs, up to certain limits.
- Work Opportunity Tax Credit (WOTC): We can help you explore your company’s eligibility for the WOTC, which provides tax incentives for hiring individuals from certain targeted groups, including veterans, long-term unemployment recipients, and others. By hiring individuals from these target groups, small businesses can benefit from tax credits.
- Employee Retention Tax Credit (ERTC): In response to the COVID-19 pandemic, the ERTC was introduced to provide relief to businesses. Small businesses should assess their eligibility for this credit, which rewards businesses that retained employees during periods of economic hardship.
Why choose Miser Wealth Partners to manage the corporate benefits for my business?
It’s important for small businesses to stay informed about changes in tax laws and regulations and to consult with qualified professionals to ensure compliance and maximize the benefits of their employee benefit programs. That’s where the team at Miser Wealth Partners comes in. Our experienced advisors make it a point to stay up to date on the latest laws that can affect your corporate benefits program. We specialize in small business tax planning and employee benefits and can provide personalized advice based on the specific circumstances of your business.
What’s my next step to an attractive corporate benefits package in East Tennessee?
If you’re ready to get the most out of your corporate benefits program, including employee retention and tax advantages, then you’ll want to consider working with Miser Wealth Partners. Call us today at (865) 281-1616 or click here to schedule a meeting at a time that’s convenient for you. We’ll evaluate your company’s unique situation and explore effective strategies to provide the most benefit for you and your employees.