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Video instructions and help with filling out and completing are davis bacon fringe benefits taxable
Hi I'm Jeff Lovell a staff accountant with a a accounting and today we're discussing employee fringe benefits one of the many advantages to incorporating your business fringe benefits through services provided by our through an employer to an employee or an independent contractor or their family members they're generally taxable and reported on the employees w-2 or the contractors 1099 miscellaneous however the ones we're going to discuss today are tax exempt within limits on the screen are some of the most common non-taxable fringe benefits however today I'm only going to discuss a handful of these we're going to discuss employer provided meals health savings account contributions cell phones and vehicles employees are not required to report in their income the value of meals provided to them by their employer if the meals are of a de minimis nature such as coffee and donuts in the morning meals to incentivize employees to work overtime or fluid provided at a company picnic or party to qualify as tax exempt the meals generally must be provided on the company's premises such as in a cafeteria or break room at a company event or job site meals provided off-site like at a restaurant or after work hours or that are not made available to all employees equally are taxable the amount a corporation can deduct for contributions made to an employee's health savings account or HSA varies depending on the employees age and the type of planet in which they're enrolled for 2021 the contribution limits range from three thousand three hundred and fifty dollars on the low end to seven thousand seven hundred and fifty dollars not only can the corporation deduct these contributions but the employees pay no tax either since the contributions are not treated as income to the employees grow in the account tax-free and come out of the account tax-free provided the employees and the funds on qualified medical expenses did you know that by incorporating your business and treating yourself as an employee of it you can make your cell phone bill deductible in full to qualify the majority of the cell phones use must serve a bona fide business purpose such as communicating with clients or other employees this telephone also cannot be provided as a form of compensation or to incentivize someone to accept a job offer with your company you may also be able to get the corporation to pay for your vehicle and take a tax deduction for it corporations can pra vehicle such as a company van with the company's logo on the side and deduct 100% of the costs of the vehicles upkeep even if the employee commutes to work in the vehicle each day non work vehicles can also be deducted by the corporation and excluded from the employees wages but any personal use of the vehicle must be reported as income on their w-2 it's important to note that the tax-exempt fringe benefits I've been.