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  2. Employer transportation benefits in the United States

    en.wikipedia.org/wiki/Employer_transportation...

    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.

  3. Internal Revenue Code section 132(a) - Wikipedia

    en.wikipedia.org/wiki/Internal_Revenue_Code...

    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 ...

  4. Public policy limitation on deduction for business expenses

    en.wikipedia.org/wiki/Public_Policy_Limitation...

    To deduct an expense under § 162 (a) the item must meet six separate elements: [2] The expense must be ordinary. The expense must be necessary. It must be an expense as opposed to a capital expenditure. The expense has to be paid or incurred during the taxable year. The expense has to be in carrying on the activity.

  5. Internal Revenue Code section 162(a) - Wikipedia

    en.wikipedia.org/wiki/Internal_Revenue_Code...

    t. e. Section 162 (a) of the Internal Revenue Code (26 U.S.C. § 162 (a)), is part of United States taxation law. It concerns deductions for business expenses. It is one of the most important provisions in the Code, because it is the most widely used authority for deductions. [1] If an expense is not deductible, then Congress considers the cost ...

  6. Business mileage reimbursement rate - Wikipedia

    en.wikipedia.org/wiki/Business_mileage...

    The business mileage reimbursement rate is an optional standard mileage rate used in the United States for purposes of computing the allowable business deduction, for Federal income tax purposes under the Internal Revenue Code, at 26 U.S.C. § 162, for the business use of a vehicle. Under the law, the taxpayer for each year is generally ...

  7. Taxation in the United States - Wikipedia

    en.wikipedia.org/wiki/Taxation_in_the_United_States

    The tax allowed deductions for business expenses, but few non-business deductions. In 1918 the income tax law was expanded to include a foreign tax credit and more comprehensive definitions of income and deduction items. Various aspects of the present system of definitions were expanded through 1926, when U.S. law was organized as the United ...

  8. Tax deduction - Wikipedia

    en.wikipedia.org/wiki/Tax_deduction

    Individual Countries. Business portal. Money portal. v. t. e. A tax deduction or benefit is an amount deducted from taxable income, usually based on expenses such as those incurred to produce additional income. Tax deductions are a form of tax incentives, along with exemptions and tax credits. The difference between deductions, exemptions, and ...

  9. 2013 United States federal budget - Wikipedia

    en.wikipedia.org/wiki/2013_United_States_federal...

    GDP. $16.582 trillion [ 5 ] Website. Office of Management and Budget. ‹ 2012. 2014 ›. The 2013 United States federal budget is the budget to fund government operations for the fiscal year 2013, which began on October 1, 2012, and ended on September 30, 2013. The original spending request was issued by President Barack Obama in February 2012.

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