Unfortunately, the Tax Cuts and Job Acts eliminated tax deductions for certain employee transportation fringe benefits, such as company-paid transit passes and parking allowances. It also suspended tax favored treatment for company reimbursements to cover employees’ job related moving expenses. But other fringe benefits are still deductible by employers and tax-free move to employees. Here’s how you can seize the tax breaks that are currently available.
Job applicants look at more than just wages when evaluating potential employers. They consider the whole compensation package, including fringe benefits and perks. These add-ons enable employers to cast a wider net in the job market, helping them attract and retain top-quality workers.
Unfortunately, tax breaks for some fringe benefits were eliminated or suspended by the Tax Cuts and Jobs Act (TCJA). However, some other fringe benefits are still deductible by employers and tax-free to employees. Read more