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Once you or your spouse turn 65, you can qualify for an additional standard deduction on top of the basic standard deduction you’d normally receive — or $14,600 for individuals and $29,200 for ...
A Qualified Employee Discount is defined in Section 132(c) as any employee discount with respect to qualified property or services to the extent the discount does not exceed (a) the gross profit percentage of the price at which the property is being offered by the employer to customers, in the case of property, or (b) 20% of the price offered for services by the employer to customers, in the ...
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.
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.
Follow these tips to report your Uber driver income accurately and minimize your taxes. Understanding your Uber 1099s As far as Uber is concerned, Tax tips for Uber driver-partners: Understanding ...
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. If the taxpayer is filing as "married, filing separately," and his or her spouse itemizes, then the taxpayer cannot claim the standard ...
Tax Deductions vs. Tax Credits. Tax deductions are not the only way to lower your tax bill. Whether you choose the standard deduction or itemize your deductions, you may be able to claim tax ...
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