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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.
It also might be the first time you’ve had to report self-employment income on your tax returns. Follow these tips to report your Uber driver income accurately and minimize your taxes.
The government expects a cut of your Uber or Lyft earnings. Fortunately, there are a number of tax deductions you can take advantage of to reduce how much you owe.Image source: Getty Images.
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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 ...
The choice between the standard deduction and itemizing involves a number of considerations: Only a taxpayer eligible for the standard deduction can choose it. U.S. citizens and aliens who are resident for tax purposes are eligible to claim the standard deduction. Nonresident aliens are not eligible.
Car insurance can only be claimed as a tax deduction in specific circumstances. It can’t be deducted for personal vehicles, but if your vehicle is used for business, you might be able to include ...
A company car is a vehicle which companies or organizations lease or own and which employees use for their personal and business travel. [1] A take-home vehicle is a vehicle which can be taken home by company employees. Depending on the company, company cars may be available to all employees or just top-level personnel.
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