Commuter benefits can add up to some serious tax savings. But how? You save money on taxes every month you participate (no waiting until the end of the year), which means more money in your pocket each month. Savings can add up to a whopping 40%. Check out our calculator to estimate just how much you’ll save.
Want to sign up for commuter benefits? Employers are the ones that call the shots here. But, there are some things you can do to help get the ball rolling.
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Getting your fellow coworkers on the commuter benefits bandwagon might help your employers decide to go for it.
|Commuter Benefits||Flexible Spending Account (FSA)|
|Sign up anytime you want!||Can only sign up once a year. If you miss the deadline, you miss out.|
|Funds can be carried over month to month into the next calendar year. No limits||Can only rollover a maximum of $500 at the end of the year.|
|Annual limits are $260 monthly or $3,120 yearly for transit or parking. Combined transit and parking limits are $520 monthly or $6,240 yearly.||$2500 annual limit. Difficult to gauge how much you’ve spent throughout the year.|
|No receipts or documentation required*. You don’t have to keep track of your voucher/card usage.||You have to keep all your receipts and documentation.|