Don't overlook these!
|Transit passes and commuter vehicle transport||$230/month|
|Qualified bicycle commuting||$20/month|
The cost of commuting to your regular job site is not deductible; it is a personal expense.
However, some employers give their employees transit passes or provide employees with transportation to the regular job site on an employer-financed vehicle, such as a van. If this applies to you, you don't have to pay tax on some or all such benefit.
If the value of the benefit for any month does not equal the exclusion limit, the unused amount is lost and may not be carried over to other months.
Copyright © 2008-2013 Larry Villano. All rights reserved.