Bigbucks Brokerage provided the taxpayer $2,400 in bicycle commuting reimbursement in 2020. How much of that reimbursement, if any, must be included in the taxpayer's income

Question

31-12-2020
Business

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Bigbucks Brokerage provided the taxpayer $2,400 in bicycle commuting reimbursement in 2020. How much of that reimbursement, if any, must be included in the taxpayer's income

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anthougo anthougo · Answer 1 · 2020-12-31T22:56:14-05:00

Answer:

Bigbucks Brokerage

The whole amount of $2,400 must be included in the taxpayer's income.

Explanation:

The Bicycle Commuting Reimbursement in 2020, given under a Bicycle Commuter Tax Benefit program, is taxable as income to the employee. According to the provisions of the Tax Cut and Jobs Act, the restriction placed on the Bicycle Commuter Tax Benefit will expire in 2026. The bicycle commuting reimbursement is a benefit that can only be offered by employers and is regarded as a taxable benefit to the affected employee.

Tundexi Tundexi · Answer 2 · 2022-01-04T05:38:42-05:00

The amount of $0 must be included in the taxpayer's income because it is the standardized by IRS.

The bicycle commuting reimbursement is a benefit offered by employers to his/her employees to ease the burden of transportation expenses.

In essence, the Bigbucks Brokerage are not taxed because of their nature as an allowance and the standardization by the Internal revenue service.

In conclusion, the amount of $0 must be included in the taxpayer's income because it is the standardized by IRS.

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