fringe benefits

Fringe Benefit 15: Company Provided Limos and Chauffeurs

Generally, if your corporation or company provides you with free transportation to the job by taxi or limo, it’s taxable. However, there’s an exception that applies in some rare instances. This transportation can be provided at a phenomenally low cost to the employee of $1.50 each way, regardless of cost, if you meet the following …

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fringe benefits

Fringe Benefit 14: Reimbursement of Relocating Expenses for a Qualified Move

A company can reimburse tax-free the cost of relocating employees who would have qualified for the moving expense deduction.This means that if an employee makes a qualified move, the corporation can reimburse for the cost of the following: Transporting all household goods and furnishings Lodging for all family members incurred during the move The cost …

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fringe benefits

Fringe Benefit 12: Company Provided Trips for Employees and Spouses

Overview: Many companies provide their top salespeople with conventions in very desirable places as both a morale booster and, frankly, a reward for good performance. Sandy’s note: Unfortunately, as a speaker I always seem to go to Arizona in the summer and Michigan in the winter. I’m definitely doing something wrong! Generally, for a trip to …

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fringe benefits

Fringe Benefit 11: Reimbursed Country Club and Health Club Dues

Before 1987, country club dues were deductible to the extent used for business. Sadly, Congress did some “tax simplification”; thus, you know that you were shafted. Today, there’s generally no deduction for you or your company for country club or health club dues. However, if an employee uses the club for business, any payments made …

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gasbuddy

Saving Money on Gas Purchases

With rising gas prices, paying the least price per gallon can save you a bundle. Here is a site that you can use in order to determine which gas station has the lowest price in your area. Go to: www.gasbuddy.com – or download the Gas Buddy app… available for iOS, Android, and Windows Mobile. All …

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employeeloans

Company Provided Low-or-No Interest Loans to Employees

This has got to be one of the most used and yet misunderstood fringe benefits. Unfortunately, few companies are using this benefit correctly. However, you, my faithful subscribers, will not have this problem, since you will learn exactly what you need to do in order to make these loans tax-free. The rules provided by Congress …

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