Reminder! Employers can deduct $5,250 of payments towards employees' student loans!

Reminder! Employers can deduct $5,250 of payments towards employees' student loans!

The expansion of educational benefit rules from COVID relief legislation allows employers to deduct amounts paid to employees for student loans, not just for qualifying tuition subsidies!

What is the Benefit?

• Employers can deduct $5,250 maximum per eligible employee per year in 2024!
• Tax deductible for employers, and tax-free for employee!
• Save on payroll taxes!
• Boost employee recruitment / retention!

Who can Utilize this Benefit?

• Must be a legitimate employee of the LLC or S Corp
• Employee can’t own more than 5% of the LLC or S Corp
• Cannot be a dependent of >5% owner

If you're a business owner in the New York Metro Area and need help making the best decisions for your business, request a consultation with our experienced accountants today. We look forward to providing you service.