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Savings on taxes
It really does pay to ride transit or join a vanpool! Currently, employers may provide up to $230 per month in non-taxable and/or pre-tax dollars to pay for transit or vanpool fares and up to $230 for qualified parking benefits.
As an employer you can deduct the cost of providing such benefits and avoid payroll taxes as well. Employees save too when they pay their own commuting costs with pre-tax dollars. This results in lower payroll taxes for the business and the employee. Further business tax deductions for transportation may be applicable.
Want more information? Call Sharon Stockwell at 253-581-8112.
Visit www.irs.gov/pub/irs-irbs/irb07-45.pdf, or www.fta.dot.gov
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