Article Date:
May 2013


Word Count:
264

 

 

Tax Deduction for Parking at the Office


Question

 

I own my business and have one employee. We operate in downtown Philadelphia and we pay a hefty price for parking.

 

Can I deduct the cost of my parking? How about the cost of my employee’s parking?

 

Answer

 

Let’s start with the easy part, your employee. As a tax-free fringe benefit in 2013, you can pay up to $245 a month for your employee’s parking.1

 

What’s even cooler is that the law allows you to bargain with the employee over this fringe benefit.

 

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