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Bicycle Commuter Benefit Act
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So im trying to find info on the Tax break from the 2009 Bailot for $20 a month for bicycles and a possible free bike? i dont know whatsup with all this but if anyone has better info let us know!! And uhm its for anyone who commutes to work on a bike so you hafta go through your work.
How bunk is that shit? SO theres no savings on either end just bullshit? do you know any sites with specific details i havent found anything but poppy cock.... ha...KTS
http://bicycling.about.com/od/advocacy/tp/bike_commuter_benefit.htm
There is a benefit -- you don't pay tax on it, and your employer writes it off on their taxes. But it's not free money or anything like that -- it's completely funded by your employer.
In short, it's not a bad thing, but it's not as great as people who didn't understand what it is have made it out to be.
It's not a tax break for you. It's a tax break for your employer.
They can reimburse you for up to $20/month of bike commuting expenses and write it off on their taxes. They still have to spend the money -- but when they write it off, they'll pay less taxes.
If they reimburse you $20 and they're in a 50% tax bracket (aren't all corporations?) then they spend $20 and save $10 on their taxes -- so they're still out $10.