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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.
These are basically non-cash benefits provided by an employer to an employee which are chargeable to tax e.g. car allowance. [2] Instances where an employee exchanges (cash) wages for some other form of benefit is generally referred to as a "salary packaging" or "salary exchange" arrangement. In most countries, most kinds of employee benefits ...
For instance, employers who offer student loan repayment assistance can do so tax-free up to the $5,250 limit. Plus, offering these benefits may help recruit, engage and retain employees.
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 ...
The AARP Foundation Tax-Aide program offers free tax return preparation services for low- to moderate-income individuals — particularly those who are older than age 50 — at more than 5,000 ...
The IRS’ Volunteer Income Tax Assistance (VITA) program offers free basic tax return preparation to qualified individuals. To qualify, you must make $60,000 or less, have a disability or speak ...
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