Need a Break? Businesses, just as individuals, are responsible for paying income taxes to the government. Daily business expenditures and benefits provided to employees may actually be opportunities for some tax relief for your business. Outlined below are some ways for saving money on your taxes. And who doesn’t want to save money on their tax return?Fringe Benefits: companies that offer benefits to their employees in addition to wages and bonuses may find some relief in their taxes. The largest category is retirement plans. Here, your company makes contributions to your employee’s retirement plan and gets a great tax break! Child Care Credit: Providing on site daycare for employee’s children. This gives employers a great tax credit plus makes an excellent work environment for employees with families. Health Credit: Paying for group term life insurance and health plans will yield you another tax break. You can opt to pay for some or all of your employee’s health options. Feed them! Ever noticed some businesses have a cafeteria on site? They are reaping the benefit of being able to deduct 100% of the meals. With the stipulation that the meals provided are for the convenience of the employee. Parking Deductions: Think… Read full this story
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Are You in need of Business Tax Relief? Here are Some Creative Ways to Get an IRS Tax Break have 339 words, post on ezinearticles.com at May 2, 2008. This is cached page on USA Posts. If you want remove this page, please contact us.