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Income Tax > Tax > Deductible Compensation Tips Tips For Deductible Compensations - Tax Deduction The following is a list of compensations that a business can offer to its employees and receive tax deduction for.
- Salary.
- Wages.
- Bonuses for services performed.
- Vacation paid.
- Sick pay.
- Fringe benefits, whether or not they are tax-free to your employee.
- Outplacement services provide to workers you have laid off.
- Black lung benefit trust contributions made by coal mine operators.
- Interest-free or below-market loans to employees.
- Severance pay.
- Salary continuation.
- Director's fees.
- Employment agency fees.
- Certain prizes and awards are deductible.
- Non-cash payments.
- Statutory Employee Benefits.
- Medical insurance.
- Dependent care assistance.
- Group term life insurance.
- Educational expenses.
- Adoption assistance.
- supplemental unemployment benefits.
- Meals and lodging.
- Travel and entertainment costs.
- Employee use of a company car.
- Qualified employee discount.
- Working condition fringe benefits.
- Qualified transportation fringe benefit.
- Employment tax credits.
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