Left Spinning our Pedals

04

Feb

Left Spinning our Pedals

As most of you are likely aware, starting in January there is a new law on the books to put a little money back in the pockets of bicycle commuters.  Unfortunately, the IRS has left bike commuters and employers somewhat high and dry, providing very little detail about how the program should be implented.  I happened upon a good summary article on a blog at NorthWestern.  I think these two paragraphs sums up the issue nicely

“There are no new publications out there,” said IRS spokeswoman Sue Hales. “Whether there is going to be additional guidance coming out, I’m not sure.”

Hales said the best place for interested commuters to go for information about all commuter benefits, including the new bicycle benefit, is IRS publication 15-B.

Who has the time to read through reams of IRS publications?  I sure don’t.  Fortunately, the League of American Bicyclists have taken the time to summarize the benefit in a single page.  If you are interested in the benefit, who wouldn’t be?, or are trying to pursuade your employer to support the new benefit, this webpage would certainly be worth a read.

2 thoughts on - Left Spinning our Pedals

  • Paul Klinkman
    Feb 5, 2009 at 6:54 pm

    I've been doing paid tax preparation (personal, but not corporate) for five years and I hadn't heard of this exclusion before.

    A long time ago I had a job where I was reimbursed per mile for my on-the-job vehicle use, but it was a nonprofit (Ecology Action for Rhode Island) so they wouldn't have benefited.

  • Feb 5, 2009 at 7:03 pm

    You probably haven't heard of it, because it's new on the books for the 2009 tax year. There are numerous organizations currently trying to figure out how to implement the program and apparently the IRS isn't entirely sure themselves.