GOOD NEWS FOR COMMUTERS WHO USE PUBLIC TRANSPORTATION
There is good news regarding the Pre-Tax Commuter Benefit - the monthly maximum for 2013 has increased to $245! Now more than ever organizations should consider offering their employees this benefit, helping them save money, and encouraging ridesharing.
What this means for 2013:
♦ Employers can offer their employees $245 in tax free commuter benefits.
♦ Employees can put aside pre-tax dollars for a maximum of $245 for transit and vanpools fees, and another maximum of $245 for parking - $490 combined
♦ For the year 2012, the pre-tax dollar maximum was retroactively increased to $240 for transit and vanpool fees. Details on how to do this are to come from the IRS.
From the IRS: “For tax year 2013, the monthly limitation regarding the aggregate fringe benefit exclusion amount for transit passes and transportation in a commuter highway vehicle is $245, up from $240 for tax year 2012 (the legislation provided a retroactive increase from the $125 limit that had been in place)." READ MORE