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New Economic Stimulus And Transportation Accounts

By Peter Anderson 1 Comment - The content of this website often contains affiliate links and I may be compensated if you buy through those links (at no cost to you!). Learn more about how we make money. Last edited November 17, 2023.

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This is an article from our good friends over at http://www.freefrombroke.com. Free From Broke is a great site with tons of great content about saving money and keeping you free from broke! Check out the site and subscribe to the RSS feed!

Does your employer offer a Transportation Spending Account?

On the road On the phone..
Creative Commons License credit: *Solar ikon*

This is an account where you can elect a certain amount of your gross pay to be taken out each paycheck for mass transit expenses (bus or train). You then apply to get the money back. What this does is it lowers your taxable salary (and we love tax savings!). The money you elect to take out isn’t taxed.

Thanks to Obama’s Economic Stimulus (the American Recovery and Reinvestment Act) the limit on the Transit account has been raised from $120 a month to $230 a month for 2009 and 2010. This should be rolling out from employers now (if not give your benefits department a shout and make them aware).

Why should you take part in a Transit Account?

For 2009 that leaves us 10 months to take advantage of this benefit. Assuming you can declare the maximum $230, that’s $2300 to lower your taxable income.

Let’s see the savings per tax bracket (Single Taxpayer):

tax-savings

That’s a nice little bit of money for not so much work!

Keep in mind though this is something you would have to opt in to! You don’t automatically get this money (if you weren’t already taking part this year you may not be able to opt in until next year)!

I can’t say how well this will be broadcast to the public besides what’s already been put out there in the news. Make sure you take advantage of this tax advantage!

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Last Edited: 17th November 2023 The content of biblemoneymatters.com is for general information purposes only and does not constitute professional advice. Visitors to biblemoneymatters.com should not act upon the content or information without first seeking appropriate professional advice. In accordance with the latest FTC guidelines, we declare that we have a financial relationship with every company mentioned on this site.

This article is about: Commentary, Economy, Refund, Taxes

About Peter Anderson

Peter Anderson is a Christian, husband to his beautiful wife Maria, and father to his 2 children. He loves reading and writing about personal finance, and also enjoys a good board game every now and again. You can find out more about him on the about page. Don't forget to say hi on Pinterest, Twitter or Facebook!

Comments

    Share Your Thoughts: Cancel reply

  1. Miranda says

    Thanks for sharing this information. I don’t get to take advantage of this (no transit for me — I work from home), but it will be helpful for a lot of other people, I think.

    Mirandas last blog post..Lending Club: $100 Giveaway and Review

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