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Under current U.S. tax law, commuter benefits are tax-free to employees only through an employer. An employee cannot directly take advantage of these tax benefits by, for example, taking a tax deduction or a credit on that person's individual tax return. Depending on the level of employer, options for commuter benefits may include:
Normally, employer-provided benefits are tax-deductible to the employer and non-taxable to the employee. The exception to the general rule includes certain executive benefits (e.g. golden handshake and golden parachute plans) or those that exceed federal or state tax-exemption standards.
Provision of tax-free qualified transportation fringe benefits to employees on or after January 1, 2018 is not tax-deductible to the employer as an ordinary business expense. [18] Per the Tax Cuts and Jobs Act of 2017, Tax-exempt employers must report tax-free qualified transportation fringe benefits provided to employees on or after January 1 ...
Long-term, uncovered health coverage may also be tax deductible. “One often forgotten tax deduction is uninsured long-term costs for seniors,” said Kevin Quinn, founder and president of Legacy ...
Employees with employer-sponsored health insurance plans generally aren’t eligible to deduct their medical premiums. That’s because of how payments for these insurance plans are structured ...
Many employer-provided cash benefits (below a certain income level) are tax-deductible to the employer and non-taxable to the employee. Some fringe benefits (for example, accident and health plans, and group-term life insurance coverage (up to US$50,000) (and employer-provided meals and lodging in-kind, [22]) may be excluded from the employee's ...
A Health Reimbursement Account is a benefit set up by an employer to help employees cover qualifying health expenses. Reimbursements under an HRA are tax-free for both the employee and employer ...
Employers may deduct all that they pay for the employee's educational costs as a business expense. [ 13 ] The US Internal Revenue Service allows workers to deduct $5,250 in employee education benefits from taxable income.
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