Attracting and retaining skilled employees is crucial for small business success, and this episode explores a valuable financial strategy: the employee tool reimbursement program. Discover how implementing a well-structured and documented plan can be a significant differentiator in a competitive job market, particularly for industries where employees invest heavily in their own tools, such as automotive repair. Learn how this type of program, when adhering to IRS guidelines for accountable plans, can provide a tax-free benefit for employees and a deductible expense for the business owner, creating a win-win situation that fosters employee loyalty and productivity. Gain actionable financial advice on setting up such a program and understanding its accounting implications to ensure compliance and maximize its benefits for your small business.
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🎙️ Kaizen Time is part of the Blood, Sweat & Business podcast series by Kaizen CPAs + Advisors. We help small business owners make smarter financial decisions—without the fluff.
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