Author Topic: How To Get A Tax Break By Biking To Work  (Read 2554 times)

frances

  • 5 O'Clock Shadow
  • *
  • Posts: 51
How To Get A Tax Break By Biking To Work
« on: March 23, 2016, 10:05:34 AM »
https://gearjunkie.com/bicycle-commuter-tax-benefit-explained

I just saw this article today and have already floated it by HR and they're looking into it!

Miskatonic

  • 5 O'Clock Shadow
  • *
  • Posts: 57
Re: How To Get A Tax Break By Biking To Work
« Reply #1 on: March 23, 2016, 10:33:05 AM »
Interesting. I walk more than I bike. Wondering if I'd still qualify or if there's some similar for those of us who use feet as our primary mode of transportation...

frances

  • 5 O'Clock Shadow
  • *
  • Posts: 51
Re: How To Get A Tax Break By Biking To Work
« Reply #2 on: March 23, 2016, 10:54:53 AM »
I'm guessing not, unfortunately, because the $20/month is only supposed to be used for bike related things and maintenance.

From the IRS:

Qualified bicycle commuting reimbursement.   For any calendar year, the exclusion for qualified bicycle commuting reimbursement includes any employer reimbursement during the 15-month period beginning with the first day of the calendar year for reasonable expenses incurred by the employee during the calendar year.
  Reasonable expenses include:

•The purchase of a bicycle, and


•Bicycle improvements, repair, and storage.


OmahaSteph

  • Pencil Stache
  • ****
  • Posts: 613
  • Location: Omaha
    • Journal: The Slow Lane to FIRE
Re: How To Get A Tax Break By Biking To Work
« Reply #3 on: March 25, 2016, 11:26:27 AM »
Holy crap, thank you! Just sent this to Current as he bicycle commutes every day!

MaxPowers

  • 5 O'Clock Shadow
  • *
  • Posts: 24
Re: How To Get A Tax Break By Biking To Work
« Reply #4 on: April 06, 2016, 12:12:06 PM »
this is awesome. Time to get back on the bike!

OmahaSteph

  • Pencil Stache
  • ****
  • Posts: 613
  • Location: Omaha
    • Journal: The Slow Lane to FIRE
Re: How To Get A Tax Break By Biking To Work
« Reply #5 on: April 07, 2016, 01:24:24 PM »
Wanted to thank you for this again - my bf brought it to HR and they're working on instituting it. Apparently it also applies to people who carpool, and there are a bunch of them at his work.

smalllife

  • Pencil Stache
  • ****
  • Posts: 947
Re: How To Get A Tax Break By Biking To Work
« Reply #6 on: April 07, 2016, 01:28:42 PM »
I tried and was told "no" at my last job (I also offered to take the parking pass in cash, also "no", so I'm thinking that maybe they just can't do math.  Also a part of why it was my last job and not my current job).  It's great if you can get it!