As the deadline approaches for filing taxes, we should remember that the car can provide economic benefits, especially now that there are predictions that the price of gasoline would average $ 5 per gallon this summer.
Your car and taxes
The savings generated by leverage additional benefits before taxes and keep track of the miles eligible for deduction could help taxpayers manage their transportation costs, according to experts at The Tax Institute at H & R Block firm.
Benefits and discounts
“In the case of taxpayers whose employers will offer additional transport services [and] use a collective truck (car pool), a transit pass, a qualified and commute to work by bicycle parking may be ways to save money,” he said Enid Echevarria, district manager for H & R Block.
Transportation options that qualify for these discounts include transportation, parking and transfer bicycle.
To use the profits before taxes commuting to work, they must be supplied by the employer of the taxpayer, as a benefit of supplementary benefit qualified.
The following are some of the benefits most commonly provided by employers and can save a lot of money
• Transportation back and forth to work on the motorway, for example in a collective truck (car pool). To $ 125 per month; • Vouchers, passes, etc. Public transport to rail, bus and ferry: up to $ 125 per month; • Parking by the employee on a site provided in the workplace or in a parking lot to the public. up to $ 240 per month for the 2012 fiscal year .
Some employers reimbursed employee benefits for qualified transportation fringe benefits, while others will give their employees the annual amount in advance to cover the costs. Because this is an additional benefit, does not reduce the wages or taxable income increases, is, as its name implies, an additional benefit that employers provide some “Echevarria said.
2013 models are already