New Tax-Free Benefit Programs for Employees: Living Expenses and Student Loans
Last Updated on November 11, 2022 by VantagePoint
In our continuing efforts to help employers and their employees, we have launched two little-known but very effective tax-deductible reimbursement programs.
New tax-free programs to help employees affected by the COVID-19 shutdown
Living Expense Card
- A little-known tax code exists that only gets triggered under a Nationwide Emergency Declaration.
- Employers can help employees meet their Living Expenses, even if furloughed.
- The program is fully automated through VantagePoint’s unique debit card coding.
- Targeted Financial Assistance can include: Groceries, Prescriptions, Childcare, Home Supplies, Healthcare, Clothing, and other items.
All eligible purchases are:
Student Loans
- For many employees, student loans are a big expense. These payment obligations remain during the Coronavirus Shutdown.
- Employers can now assist their employees to meet these obligations.
- Up to $5,250 can be provided.
- 100% tax-deductible to the employer.
- 100% income tax-free.
This program is currently in effect and allows employer payments through December 31, 2020.
Both programs have a limited window of availability so if you are interested please do not delay.
If you want more information on establishing these plans please give us a call so we can get you set up.
Call us. We are here to help.
Monday – Friday: 8:30 am – 5:30 pm (516) 599-2120 or Info@VantagePointBenefit.com