10. Transportation Fringe Benefit Limit Remains the Same
Any cash payments you receive from your employer, as well as any other benefits your employer pays on your behalf, must be included in your tax report. Still, there are certain exceptions to this rule, known as fringe benefits.
If your employer provides you with $270 for transportation benefits each money, such as a public transportation pass or free parking, this bonus will not increase your taxable income.
For 2021, no changes will be made to transportation fringe benefits, so no worries!
We hope this article clears the air when it comes to 2021 taxes! Any questions? You can always comment down below!