Freedom Benefits

09/04/2026

What's the best way for small business owners to save on taxes? Be assured of immediate savings? Know that the benefits exceed the cost? Tax qualified benefits for owners and employees.

Freedom Benefits was launched in 1997 to help small business owners and their employees gain the full benefits of the tax code on a platform that was simple and affordable.

03/21/2026

Can your spose be a common-law employee?

A sole proprietor can have a spouse as a common-law employee. The employment relationship arises from the substance of the working arrangement, not from payroll paperwork. But the absence of W-2 and payroll creates a direct problem: most (but not all) tax-qualified employee benefit provisions are keyed to compensation, wages, or W-2 earnings, and without payroll, the mechanical requirements for many benefit structures are unmet regardless of whether genuine work is performed.

02/24/2026

Upgrading your small business tax-free benefits is a great way to stretch dollars further by reducing taxes for both the business and the employee. The key is to custom design it to meet each small firm’s specific makeup.
Ask for a no-obligation discussion and, if appropriste, a tax savings illustration.

12/29/2025

Reasons for top earners to take one hour to open a Solo 401k by 12/31:
- $70K tax deduction
- Tax-deferred growth
- Invest in almost any asset
- Borrow up to $50K any time
- $500 annual EACA tax credit
- Can "Mega Backdoor" $70K after-tax into a Roth IRA

12/27/2025

2026 brings more opportunities than ever before to enhance the tax-free benefits of owning a small business. But these tax savings do not come automatically. You must take action to set up the legal and accounting foundations first, before the saving flow. It starts with an exploratory call with our small business benefits experts. Just DM to schedule a call.

12/21/2025

New Jersey Public Law 2018, c.31 requires most residents to maintain health insurance coverage. The penalty for failing to do so takes the form of an annual Shared Responsibility Payment, enforced through the New Jersey income tax return.

For some working-class New Jersey residents, this penalty has become a serious financial burden. While the State does not publish data on how many taxpayers pay this penalty or its aggregate impact, I regularly see firsthand the frustration and hardship it causes for those who are assessed.

The Governor-elect’s statement in this article suggests an implicit acknowledgment that the current approach is not working as intended. Perhaps it is time to recognize this reality, pause enforcement of the tax penalty, and focus instead on addressing the real underlying issue: the unaffordability of health coverage itself.

We have the tools to do this. What’s missing is the political will.

12/18/2025

Qualified Employee Benefit Plans Save Taxes for Small Businesses and Their Employees

The greatest but often overlooked tax saving opportunities for small businesses are tax-advantaged employee benefits. The cost can be covered by the employer or by employees (through pre-tax salary deduction), or a combination of both. For many of us in small business, every dollar of tax-free employee benefits is worth $1.40 in salary! The employer also saves on wage taxes.
The key to success is to create a benefit plan that fits your company and then implement a competent advisor to manage the plan in a way that integrates smoothly with the company’s payroll system.

Your tax-saving benefits may include:
✅ Health & Wellness
• Employer-paid group health insurance
• Health Flexible Spending Account
• Health Savings Account
• Health Reimbursement Arrangement
• Qualified Small Employer HRA
• Excepted Benefit HRA
• Employee Assistance Programs

✅ Transportation & Commuting
• Qualified parking benefit
• Transit / vanpool benefit
• Employer-provided bicycle commuting benefit (currently suspended)

✅ Retirement Plans & Equity Compensation
• 401(k) plan
• Safe Harbor 401(k)
• Solo / One-Participant 401(k)
• 403(b) plan
• Profit-sharing plan
• Defined-benefit pension plan
• SIMPLE IRA
• SEP IRA
• Deferred compensation plan
• Incentive stock options
• Employee Stock Purchase Plan
• Nonqualified stock options

✅ Education & Loan Assistance
• Educational Assistance Program
• Student Loan Repayment Assistance
• Job-related education and training

✅ Family, Leave & Dependent Care
• Dependent Care Assistance Program
• Adoption Assistance Program
• Employer-paid family and medical leave

✅ Cafeteria Plan Options
• Section 125 cafeteria plan

✅ Insurance
• Group-term life insurance

✅ Fringe Benefits
• De minimis fringe benefits
• Working condition fringe benefits
• No-additional-cost services
• Qualified employee discounts
• Employer-provided cell phones
• Achievement awards for length-of-service or safety
• Retirement counseling services

✅ Meals, Housing & Living Arrangements
• Employer-provided lodging
• Employer-provided meals
• Employer-provided housing

✅ Other Tax-Advantaged Arrangements
• Accountable plan reimbursements
• Qualified disaster relief payments
• Moving expense reimbursements (for active-duty military)

✅ Child Savings Accounts
• Available beginning July 2026

To discuss how your business can take advantage of these generous tax-advantages programs to save money in 2026, call Tony Novak at (856) 314-5625 to set up a free exploratory call.

12/16/2025

The federal government passed legislation earlier this year that triggered the largest cuts to working class folks’ healthcare in our lifetime. Tens of millions are affected. Many of those losing health benefits are small company workers. Freedom Benefits is striking back by helping small business employers and their employees reduce federal taxes to free up that money to tax free employee benefits.