Madison, WI (July 2, 2014) – TASC (Total Administrative Services Corporation), a provider of tax-advantaged medical and other benefits account management services, is pleased to launch a new Transit & Parking service offering. For many employees, just getting to work is a costly endeavor. TASC’s Transit & Parking offering works to lower employee expense and helps employers enhance their benefits package with an incentive that can attract and retain qualified employees at practically no additional cost! And by encouraging more employees to use public transportation, Transit & Parking helps reduce traffic congestion, improve air quality, and save energy.
When offered as a pretax benefit, the Transit & Parking deduction helps employers and employees alike save on federal taxes. And employees subject to state and local taxes will realize even greater savings. Expenses eligible for reimbursement through Transit & Parking include transport on mass transit facilities, transport on a commuter highway vehicle, which is define as having seating capacity for at least six adults, and at least 80 percent of total mileage must be for transporting the employee between his/her residence and place of employment, and costs paid for parking on or near the employer’s business premises or at a location from which the employee commutes to work by mass transit facilities, commuter highway vehicle, or carpool.
“By implementing a Transit & Parking Plan with TASC, employers can save approximately $225 annually per employee on taxes, while their employees can save more than $1,100 a year,” says Dan Rashke, TASC CEO. “At a time when employers and employees alike are searching for savings, TASC’s Transit & Parking service offering helps them save money on a necessary expense.”
