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Vanpool, Bus and Train Tax Savings
One less car, one more dollar! Ridesharing has its many benefits and among them are pre-tax commuter incentives. Effective January 1, 2014, rideshare participants can receive $130 monthly in pre-tax money to assist with ridesharing costs. Contact your human resources/office manager or give us a call to learn more.
This pre-tax deduction can be used to pay for vanpool, bus, and train expenses – any mode of mass transit. An employer can provide these benefits by purchasing transit passes or sponsoring vanpools, offer a pre-tax payroll deduction, or provide a combination of the two options. (IRS Code 132(f) – Qualified Transportation Fringe Benefits). Additional details are available in IRS Publication 15-B (http://www.irs.gov/publications/p15b/ar02.html) or from your personal tax professional.
Plus, bicycle commuters are eligible to receive a $20 a monthly “qualified bicycle commuting reimbursement” (up to $240 annually) stemming from the 2008 Federal Energy Act. This reimbursement can be used for bicycle improvements, repair, storage, or the purchase of a new bicycle.