You can lower your transit costs a lot. And you'll never have to wait on line in the subways again.
How? By getting your employer to join any one of several tax-free transit fare programs. Here's how tax-free transit fare benefits work:
You can have up to $255 a month of your salary exempt from all income taxes - as long as the money is used to pay for the cost of getting to work by transit. You don't need to do anything fancy, like itemize your taxes. The money will be automatically set aside and not reported as taxable income on your W-2 form.
The bottom line: You pay less in taxes. This can cut hundreds of dollars a year on your subway, bus or commuter rail costs. Your boss saves as well, because the company gets a similar break on employer taxes.
And it’s really convenient. Many employees get their TransitChek MetroCards with their regular paychecks - some are even getting it mailed to them.
Several companies offer tax-free transit fare benefits. The MTA has compiled a list of providers.
There are lots of good reasons your boss or company would want to provide tax-free transit benefits. You can find them on the website of providers. Or by clicking here.
For another way to save time and money, click here to find out how to buy Metro Card online and find out which merchants sell it.