Benefits made easier

Is there a less complicated way to offer pet care to my employees than offering discounted services?

Fritz Wood

"Consider pet insurance," says Personal Finance Editor Fritz Wood, CPA, CFP. This approach isn't tax-free; premiums paid on an employee's behalf count as taxable compensation on his or her W-2 form. But you avoid the calculating trouble.

The added benefits: Team members can take pets to specialists when needed and can continue coverage on their own if they leave your practice. And they'll start talking about pet insurance with clients based on their own good experiences. "This is an easy solution that helps some practices stay in compliance with our friends at the IRS," Wood says.