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While financial writers often focus on the well-known benefits that your employer may offer such as 401(k) matching, tuition reimbursement and subsidized family health care, they rarely take into consideration the value of some of the little perks. Based on my experience as an executive, manager, and an employee, these little perks can collectively add up to more than the headliners. Employers know that these free perks, which are often tax free, are a magnet that draws in talented workers and fosters loyalty among their best employees. Do some research on your company and see if you can snag some of these 7 lesser known perks that put together might add up to $5,000 or more a year.
The Charge & Reimburse:
Many companies allow their employees to charge an authorized purchase and get reimbursed within 30 days. If you pay off your credit card every month, this can be a bonanza. Early in my career, I worked with a guy who made about $20 an hour working in IT. He would regularly buy the computer hardware and software on his personal card and then get reimbursed. In a two month span, he charged over $95,000 and was reimbursed. The administration finally put a halt to it (it was completely legit under the policy but the size of the purchase encouraged a change), but not before he had accumulated about 200,000 miles. He used those miles for trips to Mexico and South America for what I would estimate would have cost $4,000. For him that was the equivalent of a 15% bonus after taxes.
There is also a second benefit. Although having debt is frowned upon here at LiveCheap.com, having credit availability is not. Do the charge and reimburse for a while and you'll rapidly work your way up to a $25,000 or $50,000 credit limit. I've seen this most often used by salespeople and those in purchasing, but anyone that has authorization to make purchases can make out well with a mileage or cash back credit card. Just make sure your employer is good for the money or you might learn real fast what the term 'bad debt' means. The IRS originally wanted to tax airline miles, but has since modified it's opinion due to the near impossibility of enforcement and the questionable nature of the value. In other words, although technically taxable, the IRS won't pursue those that don't report it.
Annual Value: $100 to $1,000; more if you are in a key position.
Free Food:
You don't have to work at Google to score some free food at work. Policies vary, but many workplaces will offer food if employees have to work late or if they are traveling. Sometimes there are formal policies (e.g. after 7PM employees can get a free dinner) or sometimes it's ad hoc. At the same time you are getting paid time and a half for your overtime, you might be getting a bonus 45 minutes worth of time in the cost of your meal. I have to admit to having hundreds, dare I say thousands, of free meals in the last 20 years all of which were non taxable. Find out your company's policy and score a free meal several times per week. If your company doesn't have a policy, press your manager to create one for your department or unit. I had several Vice Presidents that created their own departmental programs to create an employee benefit.
Potential Annual Value: $500 to $3,000 a year
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