How much can I set aside in a Parking Account on a tax-free basis each month?
Your maximum tax-free election for qualified parking expenses, as set by the IRS, is: $280/month for 2022 $270/month for 2021 $270/month for 2020 $265/month for 2019
What parking expenses are eligible to be paid under a Commuter Benefit Plan (CBP)?
Expenses for parking are eligible to be paid under a CBP if they are provided to the employee on or near the business premises of the employer or on or near a location from which the employee commutes to work by car pool, in a commuter highway vehicle, on mass transit facilities or on transportation […]
What mass transit expenses are eligible to be paid under a Commuter Benefit Plan (CBP)?
Workplace mass transit expenses are eligible to be paid under a CBP if they are in a commuter highway vehicle (e.g. vanpool) or on mass transit facilities (e.g. bus, train, subway, ferry), and if such commuting is in connection with travel between a residence and place of employment. This includes expenses for any pass, token, […]
What is a Commuter Benefit Plan (CBP)?
A CBP allows an employee to set aside payroll deductions taken on a tax-free basis in separate CBP Accounts to pay for qualified workplace mass transit and parking expenses. Participants will save on federal taxes, state taxes (in most states) and FICA.
