Do you own a small business?
Than you can take advantage of tax deductions for de minimis (i.e. small) fringe benefits. The beauty of the de minimis classification is that your business gets the tax deduction and your employee gets the benefits tax free. A “win/win” situation thanks to the IRS!
You’ll get the full story in my new article titled Tax Tips: Employer Uses De Minimis Fringe Benefit Rules to Deduct Tax-Free Gift of Flowers to Employee.
Three ways our fact-filled article can help you:
- We’ll explain the “de minimis fringe benefit.” In broad strokes the term refers to any property or service that’s so small, that accounting for it is unreasonable. You’ll get the complete definition and important clarification when you read the full article.
- We’ll tell you how you can say “thank you” with flowers (and get a deduction!). Want to send flowers to an employee who worked hard to complete a special project? Under IRS regulations flowers are de minimis when you give them to an employee “under special circumstances, such as illness, outstanding performance, or family crisis.” Get the details when you read the full article.
- You’ll get more examples of how to take advantage of the de minimis rules. In fact we’ll list eight terrific ways to get deductions while you make your employees happy. You’ll get the whole story when you read the full article.