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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]
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.
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 ...
The IRS made an announcement this month that is a matter of pennies but could significantly affect some taxpayers' 2010 amount owed; by reducing the allowance for mileage deductions. Claiming the ...
Claim the deduction as a business expense on Schedule C (if self-employed) Input information about your mileage using a tax software Tracking your mileage is crucial since the IRS could audit you.
For the tax year 2010, the standard deduction remains unchangedat $5,700 for single taxpayers or for those married filing separately; it also remains. Each year, taxpayers have the option of ...
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 ...
To maximize your deductions, it's a good idea to familiarize yourself with tax rules -- there are likely many deductions that you're missing out on. To get you started, here's a list of eight ...