J.K. Lasser Daily Tax Tips |
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Transportation Benefits
If your employer offers you the choice of receiving parking, transit pass, or van pooling benefits instead of cash salary as part of a cafeteria plan and you elect the benefits rather than the cash, you are not taxed, provided the value does not exceed the monthly tax-free limit.
Previous Daily Tax Tips:
• 2/9/2010 - Exchanging Depreciable Realty Subject to Depreciation Recapture
• 2/8/2010 - Formalize Loan With Relative
• 2/7/2010 - Debt Worthless Before Due
• 2/6/2010 - Nonbusiness Bad Debt
• 2/5/2010 - Accounts and Notes Receivable
• 2/4/2010 - Selling Before the Security Becomes Worthless
• 2/3/2010 - Taxable Boot Received in Exchange
• 2/2/2010 - Installment Notes in Marital Transfer
• 2/1/2010 - Charging Minimum Interest
• 1/31/2010 - Installment Reporting on Escrow Allowable
• 1/30/2010 - Contingent Sales
• 1/29/2010 - IRS Notice of Related Party Transfer
• 1/28/2010 - Installment Sale to Relative
• 1/27/2010 - Extension of Pledge Rule
• 1/26/2010 - Recapture of Depreciation or First-Year Expensing Deduction
• 1/25/2010 - Foreclosures
• 1/24/2010 - Year-End Sales of Securities
• 1/23/2010 - Payments from Prior Installment Sales
• 1/22/2010 - Improvements Covered by Note
• 1/21/2010 - Joint Property Held With Non-Spouse
• 1/20/2010 - Spousal Joint Tenancies Created Before 1977
• 1/19/2010 - Scheduled Change to Stepped-Up Basis Unlikely To Take Effect
• 1/18/2010 - No Gain or Loss
• 1/17/2010 - Basis for Gift
• 1/16/2010 - Basis of Mutual-Fund Shares
• 1/15/2010 - Mortgaged Property
• 1/14/2010 - Records for Rental Property Improvements
• 1/13/2010 - Selling Inherited Property
• 1/12/2010 - Year-End Sales
• 1/11/2010 - Long-Term Holding Period of More Than a Year
• 1/10/2010 - Selling Price Reported to IRS
• 1/9/2010 - Rollover of Gain From Sale of Empowerment Zone Assets
• 1/8/2010 - Increased Section 1202 Exclusion
• 1/7/2010 - Carryovers From Joint or Separate Returns
• 1/6/2010 - Keep Records of Loss Carryovers
• 1/5/2010 - Holding Periods
• 1/4/2010 - Tax Return n Statement Requirements
• 1/3/2010 - Get Professional Advice To Draft Loan Agreement
• 1/2/2010 - Deduction for Estate Tax Paid on Interest
• 1/1/2010 - Accumulated E Bond Interest
• 12/31/2009 - Form 1099-INT When Savings Bond Is Cashed
• 12/30/2009 - Election for Children Not Subject to Kiddie Tax
• 12/29/2009 - Tax Deferral: T-Bill Maturing Next Year
• 12/28/2009 - Arbitrage Bonds
• 12/27/2009 - AMT Exception for New Private Activity Bonds
• 12/26/2009 - Recomputing Form 1099-OID Amount
• 12/25/2009 - Discount on Short-Term Government Obligations
• 12/24/2009 - Discount Bonds Held to Maturity
• 12/23/2009 - Older Tax-Exempts
• 12/22/2009 - When OID May Be Ignored
The Daily Tax Tip content is provided by America's all-time best selling tax guide, J.K. Lasser's™ Your Income Tax Guide by John Wiley & Sons, Inc. Tax advice provided by The Daily Tax Tip shall not be construed as a substitute for the advice obtained or given by a certified tax professional.
