Loopholes of the Rich by Diane Kennedy

Author:Diane Kennedy
Language: eng
Format: epub
Publisher: Wiley
Published: 2010-12-20T16:00:00+00:00

Group Life Insurance

Group life insurance coverage of $50,000 or less provided to you by your company is excludable from your income.

De Minimis Fringes

This means gifts literally of “little value.” A Rolex watch is not a de minimus fringe. However, a turkey at Thanksgiving would qualify. It’s a tax deduction for the company and is not income for the recipient.

Meals and Lodging for the Benefit of the Employer

The value of meals and lodging provided by your company to you, your spouse, and your dependents is not taxable income as long as the following three criteria are met:

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