How to Make the Most of Your Corporate Perks

This is how to make the most of your corporate perks and employee discount offerings. Use the benefits they offer to save.

Who says that the only thing businesses have to offer their workers is decent wages? These days, companies are going above and beyond for their employees and offering corporate perks to show their appreciation. Lots of companies provide employee discounts and other goodies to boost their worker’s morale and hopefully retain them long-term.

If you’re interested in learning more about the types of corporate perks that businesses offer, here are a few of them below:

Employee Discounts

Most companies provide discounts on a selection of goods and services that can be purchased by workers. As an employee, you can save a hefty sum of money using these great deals.

Many companies often offer their workers discounts on car rentals, restaurants, hotels, gym memberships, and more. Taking advantage of employee discounts is a great way to save money and get more bang for your buck.

Speaking of perks, read more about this type of company courtesy at the highlighted link.

Saver’s Credit

If you qualify, when filing your tax return request the saver’s credit on your taxes via Form 8880. Doing this helps you to get a significant tax credit during the tax year for the first $2,000 that you add to your savings account. Just make sure to first review the rules for income and reporting.

This is one of those corporate perks that some people don’t know about, but it’s an incredible money saver!

Flexible Spending Account

Flexible spending accounts allow you to spend money on eligible medical and childcare expenses before taxes. On your first day of work, after you go through all the orientation and training documentation, you will have the option to transfer a monthly dollar amount into a flexible spending account (FSA).

This type of account not only decreases your gross revenue, but also means that you don’t have to use your normal income to pay for expensive medical costs such as co-pays, vision care, and medication. 

By minimizing your taxable income through regularly spending from your FSA account, you can keep more money in your wallet.

Vacation Pay

One of the best corporate perks that companies provide is vacation pay. There’s nothing better than taking some personal time or cruising off on a wonderful vacation and getting paid for it.

Many times, an employee has to work for a minimum amount of time before vacation pay kicks in. It’s usually six months to one year. However, once this time frame is met, employees can enjoy a week or two of paid vacation time.

Get the Most Out of Corporate Perks

For the companies that truly value their employees, they understand that paying a decent salary isn’t enough. By offering corporate perks to their workers, they are letting them know just how much they value them. For the employees receiving these types of discounts, it helps them to further stretch the income that they receive.

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