Tax Deductions

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Claiming Tax Deductions for Fringe Benefits

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You can claim a tax deduction for the cost of providing your employees with fringe benefits. Here’s a list of some helpful fringe benefits you can use to maximize your tax deductions.

Fringe Benefits to reduce your tax liability

  • Group Term Life: up to $50,000 (regular, non-shareholder employees)
  • Qualified Transportation Costs: taxable and subject to Federal Insurance Contributions Act for shareholder
  • Disability Insurance: Taxable (exempt from Unemployment and FICA)
  • Working Condition Benefits: corporate vehicle, cellphone and service, job related training and education
  • Qualified Moving Expenses: eliminated under the Tax Cuts and Jobs Act
  • De Minimus Benefits: small gifts, use of company copy machine, occasional picnics and parties and occasional theatre or sporting events

Fringe Benefits Savings Range

Your savings depend on the fringe benefits that are available for you, but could range from several hundred to tens of thousands. Do you need help to determine the proper expenses for this deduction?

Have your CPA been in touch with you to review how much in taxes you'll save this year?

Hiring a CFO will bring more benefits than a CPA. Almost all the clients we helped already have a bookkeeper, accountant, or CPA. Schedule a free zoom call today with one of our Tax Specialists, we’d love to help you reduce your tax bill.

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