Miscellaneous Income

Injury - On the job

Asked Monday, October 30, 2000 by an anonymous user

CPA Answer:

The employer's payment you received for permanent loss of use to a limb is tax free if the payment is based solely on the nature of the injury.
CPAdirectory
Answer Provided by: CPAdirectory

Miscellaneous Income

Meal money

Asked Monday, October 30, 2000 by an anonymous user

CPA Answer:

The overtime meal money you receive for occasional overtime is not taxable to you. Additionally, any train or cab fare home you receive while working the occasional overtime is not taxable.
CPAdirectory
Answer Provided by: CPAdirectory

Miscellaneous Income

Taxi fare

Asked Monday, October 30, 2000 by an anonymous user

CPA Answer:

In the current year, generally, if you are not considered a highly compensated employee or officer, or corporate director or owner of 1% or more of the company, and you are asked to work outside your regular hours, (considered unsafe circumstances) then only $1.50 per each one way commute is taxable from the payments you receive for taxi's.
The excess over $1.50 is tax free.
CPAdirectory
Answer Provided by: CPAdirectory

Taxes - My Tax Return

Are the taxi fares I receive for working in an unsafe area, taxable to me ?

Asked Monday, October 30, 2000 by an anonymous user

CPA Answer:

If you are not considered a highly compensated employee or officer, corporate director or owner of 1% or more of the company and your employer pays for your taxi because you are working in a "unsafe" area, then only $1.50 for each one way trip is taxable to you. Speak to your local CPA about the "unsafe" definition and the taxi payments deductibility.
CPAdirectory
Answer Provided by: CPAdirectory

Employee Business Expense

Waitress - Meals received

Asked Monday, October 30, 2000 by an anonymous user

CPA Answer:

Generally, the value of the employer furnished meals is not taxable to you if furnished on the business premises for the employer's convenience.
Generally, if the meals are furnished during the work period or immediately before or after the work period, then they are not taxable.
If the meals are supplied other than during the work period or immediately before or after the work period (such as on the employees day off) then the value of these meals are taxable.
CPAdirectory
Answer Provided by: CPAdirectory

Rental Expenses

As a Minister , is the rental allowance I receive taxable to me ?

Asked Monday, October 30, 2000 by an anonymous user

CPA Answer:

The rental allowance is tax free if the entire amount is used to pay rent and utilities. The church must officially designate the minster's compensation as rental allowance for it to be considered tax free. Retired ministers also qualify if the allowance is furnished in recognition of past services.
CPAdirectory
Answer Provided by: CPAdirectory

Rental Expenses

As a Rabbi , is the rental allowance I receive taxable to me ?

Asked Monday, October 30, 2000 by an anonymous user

CPA Answer:

The rental allowance is tax free if the entire amount is used to pay rent and utilities. The synagogue must officially designate the rabbi's compensation as rental allowance for it to be considered tax free. Retired rabbis also qualify if the allowance is furnished in recognition of past services.
CPAdirectory
Answer Provided by: CPAdirectory

Insurance

Is the amount of my health care flexible spending account that I did not use get carried forward to next year ?

Asked Monday, October 30, 2000 by an anonymous user

CPA Answer:

A flexible spending account allows employees to get reimbursed for medical or dependent care expenses from an account they set up with pre tax dollars. A use it or lose it rule applies. Any amount not used in the current year is lost and not carried over to the following year.
CPAdirectory
Answer Provided by: CPAdirectory

Child Care Expenses

Dependent Care - Flexible spending account reimbursement

Asked Monday, October 30, 2000 by an anonymous user

CPA Answer:

Your dependent care flexible spending account reimbursement does reduce your maximum child care base expense amounts of $3,000 or $6,000 (2 or more children) claimed on IRS Form 2441.
CPAdirectory
Answer Provided by: CPAdirectory

Rental Expenses

Can I exchange U.S. real estate for real estate in a foreign country tax free?

Asked Monday, October 30, 2000 by an anonymous user

CPA Answer:

No. You cannot exchange U.S. real estate for real estate in a foreign country tax free. A person will not have to pay taxes on gains realized on "like kind" exchanges of investment or business property.
CPAdirectory
Answer Provided by: CPAdirectory