Business owners are always asking me about how to create competitive benefit packages. What can we offer our team members to keep them and not have them thinking the grass is greener at the competition. Health insurance? 401k Plans? Ulminited vacation? Yes to all of those but many other businesses offer those also. What else can you offer that others may not?
In an effort to help business owners, after March 2020, business owners can pay their employees education loans for them, including interest and principal and take a full tax deduction. This benefit is not taxable to the employee!
Think about this, what a huge benefit for your team. Literally “free money” for them. And you get your keep your A Players and get a tax deduction. Its a big win win all the way around.
For more unucual tax facts, go to our RESOURCES page at www.wendybarlin.com