- “S” Corporation health insurance premiums paid by the employer for 2%+ shareholder employees. This will help small business owners claim a “self-employed health insurance deduction” on their Form 1040. (See our “S” Corp Insurance PayDay)
- After-tax employee contributions to an HSA can be reported in Box 14 with the same amount deducted on the employee’s Form 1040. (See our HSA PayDay)
- Pastors and tax preparers find it useful if a pastor’s housing allowance amount is entered in Box 14. (See our Tax Tips for Pastors PayDay)
- Contributions made by employee payroll deduction to the Indiana College Choice 529 program are ideal for entry in Box 14. In this manner, the employee and/or tax preparer is more likely to claim the Indiana income tax credit for this college funding vehicle. (See our College Savings PayDay)
- The annual calculation of “personal use of a company car” is frequently entered in Box 14. This taxable income shows the IRS that the employee is following the tax law in this “hot” tax audit area.
- An employee’s donations to a charity via payroll deduction can be entered in Box 14 as to the amounts and names of charities. In this matter, the personal tax deduction for charitable giving is not likely to be overlooked.
- Other Box 14 “tax-help” possibilities include payroll deductions for professional dues, job uniforms, work supplies, after-tax health insurance premiums, etc.
How Does AccuPay Enter Box 14 Information for Our Clients?
If Box 14 is used to report information which is not calculated from payroll deductions, such as personal use of company car, we will need information from the employer which we can manually report in Box 14.
Box 14 – Use Your Creativity!