Tax Return Public Information
June 18th, 2010
Question: Do i need to declare Employee Benefits on my USA Tax Returns?
I get a portion of my public transportation costs paid by my employer each month. Do i need to declare this information on my federal and state tax returns?
Thanks.Answer: Some of these benefits may be tax-free up to a certain dollar amount each year. Consult the IRS for exact details.
Check out this:
Established in 1993 as part of the federal tax code section 132(f)[3], commuter benefits were meant to provide tax incentives to employees to encourage their use of mass transportation in order to reduce congestion and improve air quality. The law provides for monthly maximum ‘caps’ on the amounts that can be excluded from gross income and are therefore not taxed as ordinary income. In 2008, transit and vanpool expenses up to $115 and commuter parking costs up to $220 are excludable each month. An employee can receive both the transit/vanpool benefit and the commuter parking benefit for a maximum of $335 a month.
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Some reporting longer tax refund delays
DENVER — Some Colorado residents are reporting longer delays in getting tax refunds and it’s not clear why. The Department of Revenue can’t say much about what’s happening because it’s only allowed to discuss tax returns with the taxpayers who filed them or their attorneys.
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