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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.
IRS Standard Mileage Rates for 2024. In December 2023, the IRS announced the standard mileage rates for 2024. While business rates have increased, other rates have either decreased or remained ...
In addition, truck drivers have a special way of calculating a tax deduction for per diem. All drivers who are subject to USDOT hours of service are eligible. As of October 1, 2009, the per diem rate is $59 per day, and they may deduct 80% of this amount from their taxable income. [13]
If a truck driver puts on 110,000 miles for the year, they can deduct $73,700 rather than $72,050. ... from 22 cents per mile in 2023 to 21 cents per mile in 2024. The standard deduction for miles ...
A new year will mean a new, slightly higher standard mileage rate for 2025. The Internal Revenue Service on Thursday announced that the 2025 standard mileage rate will go up by 3 cents per mile to ...
The Texas State Fair Football Showdown took place on the third weekend of the 2018 and 2019 fair and featured Southern and Texas Southern. [14] In 2020, the Southern versus Texas Southern game moved to Arlington, Texas. The State Fair of Texas is the only fair in the United States to include a full auto show, dating back to 1913. [15]
While that limitation was boosted during the pandemic, it expired in 2023, and the allowable meal deduction returned to 50%. Up to $25 of the cost of a business gift can be deducted. 24.
In 2010, former U.S. Secretaries of Transportation Norman Mineta and Samuel K. Skinner called for the adoption of a VMT tax to stabilize transportation funding. [ 14 ] In March 2011, the U.S. Congressional Budget Office issued a report comparing the relative merits of fuel taxes, vehicle excise taxes, vehicle tire excise taxes, and a ...