At last! Bicyclists are finally getting rewarded for taking an environmentally responsible way to work. Beginning January 1, 2009 bicycle commuters will be eligible to receive a tax-free transportation benefit. The commuter bicycle benefit allows employers to provide their employees who bicycle to work with a $20 monthly reimbursement. That's up to $240 a year!This includes any reasonable expenses incurred in the calendar year, such as:
- Purchase of a bicycle
- Repair of a bicycle
- Bicycle improvements
- Bicycle storage
As long as you ride your bicycle from your home to your work-site on a regular basis, you qualify! This benefit is for bike riders only. It cannot be combined with any other pre-tax transportation benefit, such as parking, transit or vanpool. If you bike to work each day, talk to your benefits coordinator and see how you can sign up!
Not to worry all other do-gooders, bicycle riders are not the only ones getting an after-holiday benefit bonus. The monthly pre-tax benefit amount for transit, vanpool and parking is also increasing. The amounts will increase to $120 for transit and vanpools and $230 for qualified parking.
If you're feeling jealous right now, it might be because you're sitting in traffic each day holding your horn down and cursing the person who created 495. Save yourself some money! Get out of those cars and try something new.
To learn more about these changes visit www.commuterpage.com/atp/ben-mckIRS.cfm
Kristin Howard works for Arlington Transportation Partners of ACCS, she is a frequent Metrorail commuter.
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