Do you ever take an Uber to or from work? Are you looking for ways to reduce your travel expenses? Well, if you answered yes to either of these questions, and you happen to live in the Big Apple, we have some great news: commuters in New York City will now be able to use pretax dollars to pay for their Uber rides if they have employer provided commuter benefits. And additional cities are coming soon.
Employees of companies who are lucky enough to have employer provided commuter benefits programs can pay for public transportation such as trains, subways, buses, vanpools, and now uberPOOL
However, there are a few important details and restrictions that accompany this new offer. To help you navigate and figure out if you qualify, here is some additional information to keep in mind:
The Background: Uber recently announced a partnership with WageWorks, a major administrator of employee benefits, that will allow commuters in New York City to use their pre-tax dollars to pay for UberPOOL or $5 POOL rides. With WageWorks, commuters save money by using pretax earnings to pay for their eligible commuting expenses, such as bus, train and now uberPOOL rides.
How it Works: Commuters in New York City who have a WageWorks Commuter Benefits Account can pay for their uberPOOL rides with pre-tax dollars. To start using this benefit immediately, simply open your Uber App, select your payment method, and add one of the commuter benefits prepaid cards.
How You Can Benefit: According to Uber, commuters with WageWorks accounts could save up to 40% on their uberPOOL rides under the program. The benefit is only available in New York City for now; however, they are planning to roll it out to Philadelphia, Chicago and San Francisco soon!
To check out what other employee workplace tax benefits are available to you, including auto, travel and other expenses, take a look at this recent blog post.