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Tax Deduction Consulting: Qualified Pre Tax Deduction Washington DC

One common form of qualified pre tax deduction is used for parking expenses for employees. This type of deduction is done in three different ways. They are employer paid pre tax deduction, employee paid pre tax deduction, or a combination of both.

Joseph Bonaccorsy
2011 Crystal Dr.
Arlington, VA
Company
Title: Financial Advisor
Company: Core Advisory, LLC
Type
Registered Investor: Yes
Education
Florida Tech /CFP
American Intercontinetal/BA - Maga Cum Laude
Institute of Business Finance/MSFS
Years Experience
Years Experience: 15
Service
Wealth Management,Life Insurance,Investment & Portfolio Management,Long-Term Health Care Planning,Annuity Ideas & Strategy Planning,Planning For Personal Finances & Budgeting,Retirement Income Accumulation Planning,Business Income Tax Planning,Fee-Only Comprehensive Financial Planning,Stock Market Alternative,Disability Insurance,Retirement Planning,Real Estate Investment Planning,Commission-Only Financial Planning (Full Disclosure),Insurance & Risk Management Planning,Retirement Income Distribu

Data Provided by:
Barbara J. OLeary (RFC®), CEP
(703) 370-7666
101 South Whiting Street Suite 203
Alexandria, VA
Qualifications
Years of Experience: 18
Membership
IARFC, NICEP
Services
Invoice, Estate Planning, Portfolio Management, Retirement Planning, Tax Planning, Tax Returns, Employee Benefits, Stocks and Bonds, Mutual Funds, Annuities, Life Insurance, Disability Income Insurance, Long Term Care Insurance, Medical Insurance, Healthcare Accounts, Compensation Plans

Data Provided by:
B. Frank Doe (RFC®), CFP, MBA
(703) 272-7177
10560 Main Street, Suite 316
Fairfax, VA
Company
Frank & Darby Doe
Qualifications
Education: MBA
Years of Experience: 33
Membership
IARFC, FPA
Services
Invoice, Estate Planning, Business Planning, Retirement Planning, Tax Planning, Tax Returns, Mutual Funds, Annuities

Data Provided by:
Jackson Hewitt
(202) 588-1885
251 Florida Avenue
Washington, DC

Data Provided by:
Express Tax Svc
(202) 332-0400
1541 7th St NW
Washington, DC

Data Provided by:
Charles Stough
1940 Duke St, Suite 200
Alexandria, VA
Company
Title: LPL Wealth Planner
Company: WealthPath LLC
Type
Investment Advisor Rep: Yes
Education
University of Oklahoma/MHR
University of Florida/BA
Years Experience
Years Experience: 7
Service
Pension for Highly Compensated Owners,Income for Life/ Preserve Principal,Alternative Investments,Retirement Planning,Long-Term Health Care Planning,Business Succession & Liquidation Planning,Estate Tax Planning,Asset Protection Strategies & Planning,Hourly Financial Planning Engagements,IRA, 401k, Roth IRA, QDRO Rollovers,Wealth Management,Annuities,Alternative Asset Class Planning,Annuity Ideas & Strategy Planning,Planning For Personal Finances & Budgeting,Retirement Income Accumulation Planni

Data Provided by:
Mr. Vijay K. Khetarpal (RFC®), CFP, CHFC, CLU
(703) 356-4888
8607 Westwood Center Dr #300
Vienna, VA
Company
Integrity Financial Group, LLC
Qualifications
Education: B.A (Honors) Economics, St. Stephens College, DelhiAll India HS Humanities, Mayo College, Ajmer
Years of Experience: 27
Membership
IARFC, MDRT, FPA, SFSP, NAIFA
Services
Invoice, Estate Planning, Business Planning, Pension Planning, Executive Compensation Planning, personal Coach, Retirement Planning, Tax Planning, Employee Benefits, Stocks and Bonds, Mutual Funds, Annuities, Life Insurance, Disability Income Insurance, Long Term Care Insurance, Medical Insurance, Group Insurance, Education Plan, Healthcare Accounts, Asset Protection, BuySell, Compensation Plans

Data Provided by:
Mr. Martin J. Beeson (RFC®), CEP, CSA
(866) 388-0110
2135 Defense Hwy Ste 6
Crofton, MD
Company
The Planning Companies
Qualifications
Years of Experience: 19
Membership
IARFC, NICEP
Services
Invoice, Estate Planning, Pension Planning, Executive Compensation Planning, Retirement Planning, Tax Planning, Seminars Work, Employee Benefits, Annuities, Life Insurance, Disability Income Insurance, Long Term Care Insurance, Charitable Planning, Education Plan, Healthcare Accounts, Charitable Foundations, Asset Protection, BuySell

Data Provided by:
Multistate Tax Commission
(202) 624-8699
444 N Capitol St NW Ste 425
Washington, DC

Data Provided by:
Atab Tax Service
(202) 829-2822
536 Columbia Rd Nw
Washington, DC
 
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Tax Deduction Consulting: Qualified Pre Tax Deduction

Qualified Pre Tax Deduction

A qualified pre tax deduction is taken from your income before the tax is levied on it. It therefore never appears on your employer's quarterly reporting form 941 or your form W-2.

A qualified pre tax deduction is a term used to describe a deduction from your income that is taken before your taxable income is computed for the purpose of determining tax liability. It does not appear on your employer's quarter report, form 941, to the IRS and it does not appear on your form W-2. This means that it reduces your federal tax, state tax, and even FICA tax by reducing the taxable income.

One common form of qualified pre tax deduction is used for parking expenses for employees. This type of deduction is done in three different ways. They are employer paid pre tax deduction, employee paid pre tax deduction, or a combination of both. In the employer paid method, the employer pays the employee a set sum of money. This money can be used for parking expenses, transit expenses, or vanpool expenses. The sum may be up to $100 per month.

Some of the qualified pre tax deductions plans work by a combination of employee contributions and employer contributions. The University of Chicago offers a voucher plan where the employee elects to have a certain amount deducted on a pre tax basis from their pay and this amount is placed in a transit fund. The transit fund issues vouchers to the employees that can be used to pay for public transportation. The limit of contributions to the plan is $65 per month for each employee.

Another example of a qualified pre tax payroll deduction is the contribution to a personal 401(k) plan. The yearly limit on such contributions have has been set at $15,500 for the tax years of 2007 and 2008. Individual employers, who administer the plans, might set a lower limit for their employees. If they do, the employer's limits are in force for the plan. Regardless, the amount contributed to the plan is deducted from income be...

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