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I am pleased to report that after many years of supporting the issue of equal tax-free savings between driving commuters and transit commuters, we have finally succeeded. With the signing of the American Reinvestment and Recovery Act on February 17th, the new transit cap increased to $230, on par with the parking benefits.
The American Reinvestment and Recovery Act, signed into law by President Obama on February 17, included legislation that had a significant impact on commuter benefits. For the first time, the deduction limit for commuting costs has been raised to match the parking limit at $230 per month, allowing commuters to save up to an additional $1,000 per year.
A commuter spending at least $230 on their monthly transit commute may now save up to $1,000 or more annually, which can mean a lot for many people -- a mortgage payment, groceries and other household expenses.
Over the last year, Transit Center and TransitChek have been working on a new branding effort. As part of that effort, we have updated the look of the Premium TransitChek® Metro Card® and Unlimited and Pay-Per-Ride TransitChek® Metro Card® for the New York Metro area. Both Cards will be available by June 1. Stay tuned for a new look for the TransitChek Voucher!
It's possible to save some money with fuel prices being what they are!
Did you know that Martz accepts Transit checks?Did you know that this can reduce your commuting costs?Below is information to assist you on this great Federal program.
Take Advantage of Tax savings for Commuters.
It's true. The IRS allows you to pay for your commute, tax-free. By setting aside up to a $115 a month for your transit expenses and up to $220 a month for commuter-related parking costs, you can save hundreds of dollars a year*.The only way you can take advantage of these tax savings is by enrolling in a commuter benefits program offered by your company. And with gas prices at their highest levels in years, now is a good time to talk with your employer about creative ways to reduce your commuting expenses. If your place of work doesn't offer a commuter benefits program, it's probably because your company isn't aware that such programs exist. Which means, your company also doesn't know that they can save money too? With TransitChek Programs there's no downside for you or your company.
A Benefit You'll Use Everyday
Paying for your commute with tax-free dollars has never been easier. Once you enroll in your company's TransitChek Program, you choose the amount from your paycheck to go toward your commute. That amount gets deducted before taxes. Then you'll receive a commuter benefit product, a card, pass or voucher, which will allow you to pay for your commuting expenses, tax-free. It's that simple.
With TransitChek, you can put aside up to $115 a month for transit, which adds up to $1,380 a year of tax-free income. When you add parking costs, up to $220 a month, you could save as much as $1,500* per year.*Annual savings of $1,500 or more based on pretax deduction maximum of $115/month for mass transit and $220/month for commuter parking and annual salary of $35,000. Lower deductible may result in smaller savings. Employee tax savings include: Federal, State and Local Income Tax, Social Security and Medicare. Individual savings may vary. Calculations based on 2007 Federal Income Tax rates. Consult your tax advisor.
Calculate Your Tax-Free Savings
With TransitChek, savings are guaranteed. Use the website below which calculates how much money you can save. Simply enter your monthly commuting expenses for transit and/or parking. Then choose your average annual salary from the drop-down menu. The calculator will compare your monthly costs to what it could be when enrolled in our TransitChek Program. It will also show how much you'll save each year.