Boost Employee Satisfaction by Adding Fringe Benefits to Your Business
Summary
Small businesses can boost employee retention by adding tax‑advantaged fringe benefits instead of significant raises or bonuses. Employers can offer health coverage—like group plans, Qualified Small Employer HRAs, Individual Coverage HRAs, or employer-funded HSAs—and retirement support, including contributions and counseling, in tax‑deductible ways. Other non-taxable perks include dependent care assistance, group life insurance (up to $50,000), student loan assistance, reimbursements for business-related expenses, and commuter benefits, although some, such as free parking, may not be deductible. Employers can also set up pre-tax “cafeteria plans” to let employees pay for benefits with untaxed income for flexible spending accounts, premiums, and transit.
Small Business Trends
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