Give Yourself a Tax Break!
The Commuter Tax Benefit program allows commuters the opportunity to pay for a portion of their commuting expenses with pre-tax dollars. This can result in a tax savings for commuters of more than $900 a year and a reduced taxable payroll for employers.
Federal tax law allows commuters to set aside up to $125 per month to pay for mass transit and vanpool fares, as well as up to $240 for qualified parking, for a combined total of up to $365 per month.
Commuter tax incentive programs are making a difference to thousands of employees throughout the state. In addition to monetary rewards, participants enjoy a less stressful commute and take satisfaction in knowing they are helping relieve congestion and reduce the environmental impact of driving alone to work.
To see just exactly what you can save – use this quick two-minute tool.
*This program is easy to set up and use and must be implemented by employers before employees can use it. For more information, contact your Human Resources department and ask about the Commuter Tax Benefit program. If HR doesn't already have Commuter Tax Benefit planned or in place, please contact us and we can see if it can be implemented.
For more information on vanpooling, visit EasyStreet.org.