The maximum reimbursement is $20 per month* for expenses such as the purchase of a bicycle, bicycle improvements, repair, and storage. The tax benefit could get better if H.R. 2288: Commuter Parity Act of 2013 is passed. It will amend the Internal Revenue Code to allow up to $35 per month for qualified bicycle commuting reimbursement. I will keep you posted on the status this bill (if only my Issues and Tracking page was working :-P).
If your employer is not participating yet - go talk to the Payroll or Human Resources Department. I made contact today so they will start the ball rolling at my workplace. Here's "How to Bicycle to Work for a Tax Deduction" (eHow.com). There are more references and resources below.
Keep pedaling and have a safe ride!
By the way, I always wear a helmet when I ride any of my bicycles. I was demoing my new bike to my co-workers in a parking lot when this photo was taken.
References and Resources:
- IRS Publication 15-B, Employer's Guide to Fringe Benefits, pages 18 - 20 on Transportation (Commuting) Benefits: http://www.irs.gov/pub/irs-pdf/p15b.pdf
- Library of Congress: Bicycle Commuting Act
- The League of American Bicyclists: Bicycle Commuter Benefit
- National Center for Transit Research Commuter Tax Benefits
- BikeWalk.org Bicycle Commuter Act of 2008
- eHow.com "How to Get a Bicycle Tax Credit"
- San Francisco Bicycle Coalition Bike Commuter Benefit
2 comments:
Thank you so much for making this website! It has been very useful and awesome.
Oh you're welcome Safae! I'm glad the content is helpful. If there is any topic topic you would like to see, please let me know!
Post a Comment