Employees can reduce their commuting costs by 40%!
Employers can save 10% or more on payroll taxes!
Federal tax law allows employees to reduce their commuting costs by up to 40%, while helping employers save 10% or more on payroll taxes. All employees can use tax-free dollars to pay for their commuting expenses. The maximum tax-free discount that can be provided to each employee for transit is $125 per month, and $240 per month for parking.
Commuter Benefit Solutions
Commuter benefits can add to some serious tax savings. You save money on taxes every month you participate, which means more money in your pocket each month. Commuter Benefit Solutions will work with companies to determine commuting needs and customize a commuter benefit program that is a perfect fit.
Employees use TranBen vouchers every day throughout the country to buy fares and passes for public transportation, including train, bus, vanpool and ferry services. TranBen's parking vouchers are used by employees to pay for work-related parking expenses, and their bicycle vouchers are an excellent method of providing employees with the tax-free bicycle benefit incentive.
The U.S. Department of Transportation has introduced an effective and cost-efficient way for government employees to receive their monthly transit benefit through the use of a federal debit card. The transit benefit program encourages federal government employees to choose commuting options that improve air quality and reduce traffic congestion as opposed to using single-occupant vehicles.