3 Taxes That The IRS Will Not Make You Pay
Even though there are several benefits that the IRS can tax you on, they are simply not worth the trouble.
The reason being that these types of taxes are really too small to matter, adequately described by the legal term ‘de minimus’.
So, here are 3 taxes that the IRS will not make you pay:
#1: Employee Discounts
Some people who work at universities often obtain a discount if they want pursue education or even 10% off on all products if they work at a supermarket. If you are working at a daycare center, you might even be able to admit your children at a discounted rate as well. Usually these discounts are not taxable when the products or services minus the discounts are offered to the public by the employer.
#2: Theater or Sports Tickets
On the condition that this type of perk is not routine, and which is offered by one’s employer, it is not taxable for the simple reason that the IRS does not have the resources to track this source of additional income. In knowing this, you might be able to enjoy the show after all.
#3: Employee Group Meals
Company picnics and group meals are usually one way by which employer try to build teams. Don’t assume that these group meals might be gifts because there is a distinct business objective behind this kind of expenditure. They can be classified as additional compensation for employees. Again, since the IRS finds it difficult to value or track the costs of these group meals, it is compensation that will not be taxed. So dig in…