tag:blogger.com,1999:blog-3734884211497773577.post6031967691932467502..comments2024-03-22T09:27:35.860-07:00Comments on Bed buffaloes in your tax code: "There's no such thing as a free bike."Mary O'Keeffehttp://www.blogger.com/profile/14662977706706048151noreply@blogger.comBlogger10125tag:blogger.com,1999:blog-3734884211497773577.post-62557401705146234122024-02-12T02:43:01.647-08:002024-02-12T02:43:01.647-08:00Users can access features such as scheduling posts... 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Manhwa is a genre of entertainment that mostly appears in print or digital comic mediums, unlike TV shows online.<a href="https://www.manhwa-18.us/manga/the-boy-of-death/" rel="nofollow">Click here</a>.socialbloghttps://www.blogger.com/profile/13624440587957280104noreply@blogger.comtag:blogger.com,1999:blog-3734884211497773577.post-65964271977401362082023-08-07T02:56:16.900-07:002023-08-07T02:56:16.900-07:00With a wide variety of gaming content, including t...With a wide variety of gaming content, including the most recent video game reviews and gaming industry news as well as in-depth tips and tutorials, 24sata has grown to become a popular destination for gamers of all ages.<a href="https://24sata.pro/sport/" rel="nofollow">Click here</a> .Social Mediahttps://www.blogger.com/profile/16825708223627768897noreply@blogger.comtag:blogger.com,1999:blog-3734884211497773577.post-18258269572162177182011-05-25T12:56:19.875-07:002011-05-25T12:56:19.875-07:00It's a 75 dollar at best retail bike. Do you r...It's a 75 dollar at best retail bike. Do you report all your christmas gifts to the IRS? It's akin to getting an mp3 player or something like that. While I feel this free bike certainly isn't free as it is a POS that will likely cost in repairs and upgrades to ride the thing, or possible high ER bills from riding such a piece of junk. I don't think the IRS is going to hunt down Ikea employees and force them to report their "free" POS bike.<br /><br />Also income tax on wages is actually no Lawful according to the constitution of these here united states in the first place. That being said most employees of IKEA earn min wage. I don't think too many will be filling out the long form if any form at all.Scott Manesishttp://www.iamscottmanesis.comnoreply@blogger.comtag:blogger.com,1999:blog-3734884211497773577.post-42522836875352917972010-12-20T11:33:24.142-08:002010-12-20T11:33:24.142-08:00Does a fringe benefit have to rise above a minimum...Does a fringe benefit have to rise above a minimum value before it's taxable? I only ask because I suspect these bikes are worth less than $90 MSRP (and possibly as low as just over half that.)Michael Lembergerhttps://www.blogger.com/profile/17749139439039241349noreply@blogger.comtag:blogger.com,1999:blog-3734884211497773577.post-55147321048029130192010-12-16T11:27:00.608-08:002010-12-16T11:27:00.608-08:00Anonymous, this is definitely outside the scope of...Anonymous, this is definitely outside the scope of my VITA certification, but my opinion is that--if Ikea had wanted to do that, it could have hired a tax professional to structure something along the lines you suggest in a manner that might fall within the tax free bicycle reimbursement provisions described in IRS Pub 15B.<br /><br />But they don't appear to have done so.<br /><br />It will be interesting to see what Ikea co-workers (http://www.ico-worker.com/) say once they get their paychecks. <br /><br />If Ikea is trying to say that the bikes are equivalent to the proverbial taxfree turkey, then employees won't see any extra withholding for the bikes.<br /><br />However, if Ikea is reporting the bikes as taxable income, presumably their paychecks will be smaller to reflect the increased withholding on the value of the bike.Mary O'Keeffehttps://www.blogger.com/profile/14662977706706048151noreply@blogger.comtag:blogger.com,1999:blog-3734884211497773577.post-50879115673453133752010-12-15T02:01:53.617-08:002010-12-15T02:01:53.617-08:00Could Ikea "rent-to-own" the bike to the...Could Ikea "rent-to-own" the bike to the employee and deduct $20/month until the bike is paid off if the employee uses it for commuting?Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-3734884211497773577.post-74510762286885079452010-12-13T22:29:14.542-08:002010-12-13T22:29:14.542-08:00However, if the bike turns out to be REALLY cheap ...However, if the bike turns out to be REALLY cheap (like say the cost of a holiday turkey), it's possible Ikea will want to argue that it should be treated as a de minimis fringe benefit.Mary O'Keeffehttps://www.blogger.com/profile/14662977706706048151noreply@blogger.comtag:blogger.com,1999:blog-3734884211497773577.post-69559071154158146512010-12-13T21:21:55.335-08:002010-12-13T21:21:55.335-08:00There is no $600 threshold for reporting employee ...There is no $600 threshold for reporting employee benefits on a W-2, Chris.<br /><br />There is a $600 threshold for reporting income to independent contractors and other kinds of miscellaneous non-employment income on a 1099.<br /><br />However, even if the payor does not bother to report the income on a W-2 or 1099, it is still taxable income.Mary O'Keeffehttps://www.blogger.com/profile/14662977706706048151noreply@blogger.comtag:blogger.com,1999:blog-3734884211497773577.post-77176810155378790702010-12-13T13:16:50.744-08:002010-12-13T13:16:50.744-08:00I wouldn't have thought to have put the bike o...I wouldn't have thought to have put the bike on my return -- but I'm assuming IKEA would.<br /><br />From my employer they would not have put it on if it was less than 599 if memory serves. (extra's from employer to employee...)Chris Buczeksmithnoreply@blogger.com