Tax Advantage Plans
Reducing the cost of common benefits by using “cafeteria plans” has been popular for a number of years now. We partner with one of the largest and most prestigious providers of these benefits to ensure your company has a modern and effective tax advantage solution.
- Premium Plan: When properly documented, these plans allow any premiums that your employees pay on their behalf to be deducted from their paychecks on a pre-tax basis, saving them – and YOU – a lot of money. Give us a call anytime and we’ll break down an estimate of the savings.
- Unreimbursed Medical Plan: Funds are set aside from employee’s paychecks on a pretax basis. They can then be used to pay for unreimbursed medical expenses like doctors’ copays, medical and many dental bills, vision services and other expenses.
- Dependent Care Expense Account: Daycare expenses can be very expensive. A Dependent Care Expense Account (DCAP) allows these expenses to effectively be pretax. If an employee participates at the federal maximum, this can mean $1500 in savings per year.
- Parking & Transit: These accounts allow qualifying transportation expenses to be reimbursed on a pre-tax basis. Your employees have to get to work, so why should they have to pay taxes on all of this expense?
- Non-Employer Sponsored Premium Plan: In the Post Healthcare Reform benefits sphere, more people than ever have individual insurance. These premiums are expensive, and our partner has a solution that may help your employees pay for these premiums on a pretax basis as well. This benefit is very unique, and can potentially mean thousands in savings for a select group of employers.
Many recent college graduates aren’t able to start saving for their futures, like retirement or buying a home, because they are still stuck in the past: paying off their student loans. As unemployment sits low [...]
The non-discrimination test, also called a compliance test, is required for all Medical FSA, Dependent Care Accounts, and Pre-tax of Premiums under section 125 of the IRS code. You can read part one of the article on [...]