Bike Fringe Benefit Info--Tax stuff

Tis' the season for your taxes--eh? So...I spoke with Deborah Jones from Sandag the other day. She gave me info on the 2 Fringe Benefits for commuters. This is all available on IRS website, but, she broke it down in layman's terms for me. Thanks Deborah. Here's the scoop:

Get the IRS Bulletin--132S is the document. This one of for a $230.00 pre tax payroll deduction that employers can take if they offer employees public transit. Employer can buy the tickets and give to the employee, or the employee can buy it and get reimbursed. This is new for 2009 and there's no limit to the number of employees in the system. So, if you want a monthly COMPASS pass which gets you on the bus/trolley--public transit in SD, your employer is eligible for pre tax payroll credit of $230.00. That means--it's free for you and somewhat beneficial for your employer. As your boss about it today.

Next--Bike Commuter Fringe Benefit--Employers can give employees $20.00 per month to help with bike expenses. $20.00 is taxable, so, employers can line item it in the payroll check. This is also new in 09. Benefit to employee--obviously--but the employer can write it off as a business expense...

Also...I learned that UCSD is trying to put a Bike Station up there.....I reached out to Curt Letz on Friday to see what their progress is...we'll get one here yet. Deborah was also helpful in giving me other Sandag contacts to talk more about a Bike Station in Gaslamp area.

We'll get one here come hell or high water.....