Tax planning has grown to encompass many different types of savings plans. Most people are familiar with health savings plans that allow them to set aside money for medical expenses, tax-free, and you may also be aware of plans for funding things like child care with tax-free dollars. There's also a plan for commuters whereby they can set aside tax-free dollars for the money it costs them to take transit systems into work.
That's obviously a very big deal for people here in New Jersey who take public transportation into New York City. Unfortunately, Congress has cut the maximum allowable for monthly transit, from $245 down to $130. That's not going to cover many monthly train passes in our part of the world.
On the other hand, if you drive to work, your savings plan is getting marginally bigger. The monthly tax-free savings plans for driving has been increased from $245 to $250. For more information on any of these transit savings plans, contact your employer.
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