I own my business and have one employee. We operate in downtown Philadelphia and we pay a hefty price for parking.
Can I deduct the cost of my parking? How about the cost of my employee’s parking?
Let’s start with the easy part, your employee. As a tax-free fringe benefit in 2013, you can pay up to $245 a month for your employee’s parking.
What’s even cooler is that the law allows you to bargain with the employee over this fringe benefit.
Let’s ... Log in to view full article.