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Lower Your Taxes - BIG TIME! 2015 Edition: Wealth Building, Tax Reduction Secrets from an IRS Insider, 6th Edition by Sandy Botkin

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14

Fringe Benefits You Will Love, Part 2

Corporate-Provided Transit Passes, Vanpools, and Parking

This fringe benefit really deals with three related benefits: corporate-provided vanpools, transit passes, and parking. I’ll discuss them separately. I should note that there’s an overall limit for corporate-provided transit passes and vanpools—a maximum total of $250 of benefits per month.1 Anything beyond this monthly limit becomes taxable to anyone who receives these benefits.

In addition, all these benefits must be provided to employees, but not self-employed individuals, independent contractors, or stockholders who own more than 2 percent of the stock of S corporations.2

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