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For small and growing businesses, it is a common dilemma: to offer extravagant benefits and stall profits, or penny pinching and risk losing your best employees. 
With rising health care costs and a workforce increasingly mobile, the right balance is difficult. You want to offer great benefits, but you can not afford to waste money on benefits that do nothing to recruit and retain a competitive workforce.
One way to make the most of your benefits is by providing programs that can also be deducted from your (and your employees) taxes. So before you sit down to file your 2015 income, take a look at these benefits and see if you have existing programs that are tax efficient.
Popular Benefits employees
Some benefits of this list were ranked No. 1 for decades, others are emerging as new contenders as we are seeing an influx of thousand workers. Regardless of service in this year, benefits are essential for the recruitment and retention. So we rounded the top most sought after benefits and 2016.
- Health
- Retirement
- Paid Time Off
- work flexible
- wellness Program
- tuition Reimbursement
- flexible and family friendly hours
- salary increase or performance award
- life insurance
- telework
- Workplace Perks
- professional development and training
These higher benefits probably do not come as a surprise. After all, there are basic employee benefits that most industry experts say are needed to attract competitive talent: health care, paid vacations and retirement savings options. And then there are special advantages and benefits in the workplace that help businesses - even small businesses - become an employer of choice
. 
But with a limited budget, how do you decide which services to offer? Our advice is to make your dollar go 7 to 20 percent more deducting Benefits of this 2015 tax season.
Benefits You can deduct from your taxes
The IRS lists the types of benefits that can be offered free of tax. Here is a summary of benefits and their tax treatment.
| Type of benefit Fringe | tax Withholding income | social security and Medicare | Federal unemployment (FUTA) |
| accident and health benefits | Exempt, except for long-term care benefits offered by a flexible spending or similar arrangement. | Exempt except for certain payments to employees S corporation are 2% of shareholders. | exempt |
| Achievement Awards | exempt up to 10 $ price for qualified plans ($ 400 for ineligible price). | ||
| Support Adoption | exempt | tax | taxable |
| sports facilities | Exempt if virtually any use during the calendar year by employees, their spouses and dependent children, and the facility is operated by the employer in owned or leased by the employer premises. | ||
| De minimis benefits (minimum) | Exempt | ||
| dependent care assistance | Exempt up to certain limits, $ 5,000 ($ 2,500 for married employees filing separate return). | ||
| Educational Assistance | Exempt up to $ 5.250 for benefits each year. | ||
| employee discount | exempt up to certain limits. | ||
| Stock Options Employee stock | Varies. Refer to IRS Publication 15-B for a discussion of stock options. | ||
| cell phones provided by Employer | Exempt if provided primarily for non-compensatory business purposes. | ||
| life insurance coverage term Group | Exempt | Exempt up cost of $ 50,000 of coverage. (Special rules applicable to former employees.) | Exempt |
| health savings accounts (HSA) | Exempt for qualified individuals to the limit of HSA contributions. | ||
| Accommodation on your business premises | Exempt if furnished for your convenience as a condition of employment. | ||
| Meals | Exempt if furnished on your business premises for your convenience. | ||
| Moving expense reimbursements | Exempt if the expenses would be deductible if the employee had paid. | ||
| services Non-plus-cost | Exempt | ||
| retirement planning services | exempt | ||
| transportation (commuting) benefits | Exempt up to certain limits, whether for walks in a road commuter vehicle and / or pass transit ($ 130), qualified parking ($ 250) , or qualified bicycle refund path ($ 20). | ||
| reduction of tuition fees | Exempt if for undergraduate education (or higher education if the employee carries out teaching or research activities). | ||
| Working Condition benefits | Exempt | ||
Chart Source - IRS publication 15-B
Ahead planning - Build your program Ideal advantages
So now you have ideas on which benefits are popular and what benefits you can deduct from your taxes - where do you go from here? Investing in the benefits that your employees want and will love!
Ask employees what they value in the benefits and compensation. The answer may surprise you.
Studies show that employee's value changing. For example, a recent study by MetLife found the choice of employee value and the ability to customize benefits. According to the survey, more than three quarters (78%) of employees want greater variety of benefits to choose from and 80% of the value of employee benefits tailored to individual circumstances and age.
And, more than ever, employees say they are willing to share responsibility for this variety: the survey found 60% are willing to bear more of the cost to have a choice of services that meet their needs
in other words, employees are increasingly. tell us, "We greatly appreciate the contribution, but we want to choose how to allocate the dollars."
Conclusion
small and growing businesses can use non-taxable benefits such as contributions to health insurance and / or HSA, contributions to retirement accounts and benefits in the workplace to provide customizable benefits that employees value. for companies that are aware dollars, use this guide to create a program of benefits that you can deduct from your statements of current or future revenues.
want more options on what you can include in a benefit program? Click our guide "20 Greatest recruitment and consulting retention "below!
If you have questions about benefits or tax-free if you just want to say hi, we want to hear you! Comment on the blog below.
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