​Useful Tax Information

Tax Rates

Track Your Refund

Employee Education Assistance

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​Track Your Refund

The IRS generally issues refund checks within six to eight weeks of filing a paper return. If you chose to receive your refund through direct deposit, you should receive it within a week. If you use e-file, your refund should be issued between two and three weeks

To Check Your Federal Refund: Click here​

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​Employee Education Assistance Programs

Payments for employee education expenses or student loans may qualify as tax-free benefits. Employers deduct the costs of educational assistance programs as business expenses and fringe benefits.

• Includes under-graduate and graduate-level courses
• Sports, games, and hobbies not included unless relationship to business or required by degree program
• Supplies other than textbooks not included; lodging, meals, transportation not included
• Student loans are included:
  
  • Includes payments made after March 27, 2020 and before January 1, 2026
  • Includes payments to both employee and directly to lender
  • Both on principal and interest
  • Qualified education loans are defined in chapter 10 of Pub. 970

Educational assistance programs must be a written plan that provides assistance only to your employees. Employers can exclude up to $5,250 from the wages each year of educational assistance.
     Qualified Programs:

• Program rules don't favor highly compensated employees
       Highly Compensated employee in 2023:
  1. The employee was a 5% owner at any time during the year or the preceding year.
  2. The employee received more than $135,000 in pay for the preceding year.
  3. You can choose to ignore test (2) if the employee wasn't also in the top 20% of employees when ranked by pay for the preceding year.
• Program doesn't provide more than 5% of its benefits during the year for shareholders or owners (or their spouses or dependents). This is anyone who owns more than 5% of the stock or of the capital or profits interest of your business.
• Program doesn't allow employees to choose to receive cash or other benefits that must be included in gross income instead of educational assistance.
• Employer must give reasonable notice of the program to eligible employees.

If you don’t have an Educational Assistance Program, or the assistance provided is over $5,250, the value of the benefits must be included as wages, unless the benefits are working condition benefits

• Working Condition Benefits can be excluded from wages if property or a service provided to the employee (e.g. business car or phone, job-related education, etc.) and, if the employee had paid for it, the amount paid would have been allowable as a business or depreciation expense. (More information on Working Condition Benefits)

Qualified employees include:

• Current employee
• Former employee who retired, left on disability or was laid off
• Leased employee who provided services to you on a substantially full-time basis for at least a year if the services are performed under your primary direction or control
• Yourself (if you’re a sole proprietor)
• A partner who performs services for a partnership

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