Let's Face it We All Need a Break... Tax Break That is!

To attract and retain top talent in our respective industries and keep them engaged and focused on their jobs, businesses need to offer attractive benefits to their employees. For professional parents, one of the top benefits companies can offer is childcare. Now, at first glance it may seem expensive, but if your company can offer a subsidized care benefit, the costs are typically a deductible business expense or can be taken as a tax credit. Yes, it can be a tax break! While the tax code can seem complicated, when you dig in it is fairly liberal when it comes to business deductions. Basically, if the expense is ordinary and necessary it meets the write-off requirements. So, let's look closer at childcare to be sure it qualifies. Many employers today are offering childcare assistance to employees in many forms, this checks the box on ordinary. Next, regarding necessary, if you can say that providing childcare is helping your business, for example, to retain top talent and/or to keep them focused on the job, box check again! Check with your accountant to see what your business may qualify for and give yourself and your employees the break they need!

#taxbreak #taxseason #employeebenefits #HR #childcare #diversity

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