Scope of commuting expenses broadened as a result of recent developments
Article Abstract:
Recent rulings have expanded business expense deductions for commuting expenses for taxpayers who are on duty while commuting, travelling to temporary locations, or transporting tools. The commuting costs of taxpayers who are on duty during commuting and who are required to use certain modes of transportation may be tax deductible. Taxpayers with multiple places of business can deduct commuting costs incurred between their home and temporary work sites, and taxpayers incurring additional expenses in transporting tools to and from their work place can deduct those additional expenses as commuting costs. Commuting deductions are typically miscellaneous itemized deductions and are subject to the Section 67 two percent of adjusted income floor provisions.
Publication Name: Taxation for Accountants
Subject: Business
ISSN: 0040-0165
Year: 1990
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Maximize mileage from transportation fringe benefits
Article Abstract:
Transportation fringe benefits are among the tax-favored benefits most preferred by employees. They fall under the following categories: qualified transportation, working condition, de minimis, qualified moving expense reimbursement, no-additional-cost service, and transportation in unsafe and unusual conditions fringe benefits. The first four are available in all industries. No-additional-cost service is available only among providers of transportation services, such as cruises, airline transportation, and car rentals provided on non-discriminatory basis. The transportation in unsafe and unusual conditions benefit does not extend to governmental or nongovernmental control employees. Each of these benefits are defined.
Publication Name: Taxation for Accountants
Subject: Business
ISSN: 0040-0165
Year: 1997
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Interest and property tax deductions on a vacation home: the allocation controversy
Article Abstract:
The allocation of interest and taxes for a vacation home that is also rental property has not been clarified in either the Tax Reform Act of 1986 or the legislative history of vacation property deduction limits. However, a recent Ninth Circuit Court of Appeals case, Bolton v. Commissioner, provides a method for allocating taxes and interest between rental and personal use that is consistent with preventing personal expense deductions. The formula used by the IRS, total days divided into rental days, is overly restrictive of rental expenses.
Publication Name: Taxes: The Tax Magazine
Subject: Business
ISSN: 0040-0181
Year: 1993
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