The daily commute to and from work can put a financial strain on your employees. Whether they drive their own vehicles and have to pay for costly parking expenses, or take public transportation and fork out money for a pass, the costs can really add up. A transit and parking plan from iSolved Benefit Services is the perfect solution for this common problem, because it allows your employees to set aside funds on a pre-tax basis to pay for qualified transportation expenses.
Transit plans are easy to set up and use, and participants will receive debit cards that allow them to pay for the expenses with the funds they set aside, instead of having to wait for reimbursement. The IRS-imposed maximum monthly reimbursement amount for 2020 for parking, transit passes, and/or vanpooling is $270.