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Commuter Tax Credit for Self-Employed

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Commuter Tax Credit for Self-Employed

Old 03-17-10, 09:51 AM
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kesroberts
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Commuter Tax Credit for Self-Employed

Does anyone know whether there's any way that the self-employed can take advantage of the bike commuter tax credit that went into effect last year? I searched and couldn't find anything specific.
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Old 03-17-10, 09:53 AM
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No there is not. I am self-employed, I ride a bike and scooter to work. I cannot get credit for the cycling miles and food as fuel. I think it is something that should change.
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Old 03-17-10, 11:07 AM
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It was listed as part of a benefit package that employers could offer to their employees. It was meant as a cost to them that they could deduct as part of their benefit packages.

So, in theory, it could work to those self employed if they were registered as a C corp. Most self employed folks are schedule C. So, the cost to convert to a C corp along with all the other filing requirements are not really worth the cost of being able to deduct $360 a year, but it may be.

Also, you could claim the deduction and see if you are ever audited and then repay with interest and penalties if it is kicked back as an unallowed deduction.

So, it might be worth it. It depens on your situtuation.
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Old 03-17-10, 12:38 PM
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It's a shame. I can get reimbursed $20 for riding a bike to work versus $230 for parking or transit
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