Brilliant Deductions
Washington, DC (Vocus) June 28, 2010
The Community Transportation Association?s (CTAA) Transportation to Work: A Toolkit for the Business Community website is a good place to start to learn more about the tax benefits an employee transportation program offers businesses. The Toolkit provides information on three options available regarding tax incentives*, ridesharing and vanpools, green transportation, and supporting a diverse workforce, among other topics
Businesses still have time to reduce their taxes for 2010 by implementing an employee transportation program. Tax incentives offered by federal, state, and local governments make it easier than ever for businesses to pursue transportation-related perks.
Studies show that employers who provide transportation benefits for their workforce also gain rewards for their companies in other ways, such as attracting and retaining workers, supporting public transit, and increasing customer access to good and services.
Commuter benefits offered by an employer are exempt from withholding and employment taxes, and are not reported as taxable wages on the employee?s W-2 form. They are also deductible as an employer-provided benefit from the employer?s gross profit.
Until December 31, 2010, businesses can claim up to $ 230 per month per employee as a normal business expense, which is exempt from federal payroll taxes. This can include deductions for vanpools, transit passes ? there is even one for employees who ride their bicycles to work.
?Especially during challenging economic times, when so many businesses are struggling, the CTAA Transportation to Work Toolkit is a valuable resource to build an employee transportation program that is a win-win for all,? says Secretary of Transportation Ray LaHood.
For more information on how to benefit your business while promoting job satisfaction, please visit the CTAA Transportation to Work: A Toolkit for the Business Community website.
*Before implementing any type of commuter benefit program, please consult your tax advisor.
Contact:
Carolyn Jeskey
202.415.9659
800.891.0590 x724
jeskey(at)ctaa(dot)org
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Source: http://www.smallbusinessmarketing.us/brilliant-deductions/
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