Saving Money on Your Commute to Work
A Commuter Benefits Account is a program offered through your employer that lets you pay for daily expenses to and from work with pre-tax dollars. It can help you budget and save money on your work-related travel expenses.
Make Your Ride More Enjoyable
A Commuter Benefits Account makes your ride to work a little more manageable in a number of ways:
Reduce your taxable income
Save on transit or parking expenses
Convenient access to funds
How it Works
A commuter account gives you the flexibility to use pre-tax funds in a smart way. You can decide how much money to contribute for the year when you enroll. This money is deducted evenly from pre-tax payroll deductions and placed into your account. The IRS does set a maximum contribution, however:
Commuter Benefits Contribution
Your monthly balance will carry over into the next month, allowing you to make adjustments as needed. You can use this money for qualifying expenses to and from work.
Your contributions can cover transit passes, tokens, fair cards and other expenses that allow you to take mass transit services to and from work.
Get reimbursed for your work-related parking expenses, including: Meters, garages and lots.
Not to be confused with carpooling, this requires commuter highway vehicles that seat 7 or more adults. At least 80% of the mileage must be for transporting employees between their homes and workplace, with employees occupying at least half of the available seats.
Ask your employer about enrolling in a Commuter Benefits Program today
No matter how you get to and from work, a commuter benefits account is a simple, smart way to budget and manage your travel expenses. It gives you’re the flexibility to reduce your out-of-pocket costs on the train, bus, van-pooling and even parking.
Ask your employer about enrolling in a Commuter Benefits Program today.