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An employer in the United States may provide transportation benefits to their employees that are tax free up to a certain limit. Under the U.S. Internal Revenue Code section 132(a), the qualified transportation benefits are one of the eight types of statutory employee benefits (also known as fringe benefits) that are excluded from gross income in calculating federal income tax.
A Qualified Employee Discount is defined in Section 132(c) as any employee discount with respect to qualified property or services to the extent the discount does not exceed (a) the gross profit percentage of the price at which the property is being offered by the employer to customers, in the case of property, or (b) 20% of the price offered for services by the employer to customers, in the ...
Corporate gas cards. ... you can get the Shell Small Business Card with your EIN if your business takes in $1 million in revenue every year and has at least one year of business history ...
Other gas cards or gas rewards programs may offer rewards in the form of a discount on a single fill-up. This can deliver much more value to a car with a large gas tank than a smaller one.
Some cards require a minimum monthly gas purchase to qualify for the rebate. So pick a gas card for a company with multiple gas stations in the areas you frequently travel for best results. Also ...
Under US Internal Revenue Service Code § 132(a)(4), “de minimis fringe” benefits provided by the employer can be excluded from the employee’s gross income. [1] “ De minimis fringe” means any property or service whose value (after taking account of the frequency with which the employer provides smaller fringes to his employees) is so small as to make accounting for it unreasonable or ...
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