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Cash in on Employee Benefits
– February 11, 2011
Give your employees a raise by implementing a Section 125 cafeteria plan.
A cafeteria plan reduces compensation by the cost of medical expenses not covered by insurance including health insurance premiums, child care and elderly care and certain pharmaceutical expenses.
The employee and employer will save on income taxes and social security taxes. You get to give a benefit to your employees and save the company money at the same time.
This is Profit Enhancement Idea #29 in Heard, McElroy & Vestal's 100 Ways: The Profit Enhancement Process series. The purpose of the series is to assist business owners and managers in cutting costs and increasing revenues by working smarter, not harder.
Walker Coburn
318.429.2109
wcoburn@hmvcpa.com
Walker is an Audit Manager in our Shreveport office. He received his Bachelor of Administration in Accounting and a Masters of Accountancy from Millsaps College in Jackson, MS. Prior to returning to his hometown of Shreveport and joining Heard, McElroy & Vestal, Walker worked for KPMG in Jackson and Memphis, and more recently as a financial reporting advisor for FedEx Corporate.
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