Before I start, a quick reminder, taxes are due Monday, April 15! I just filed mine and wanted to share something new that I learned in the 10+ years of tax filing.
While I was gathering the necessary documents for my tax preparer, my company sent out a notice that Congress increased the maximum commuter transportation tax deductible limit from $125 to $240 and this is retroactive for 2012. Because of this change, every employee that fits the category (I file my transit expenses with my employer) will have a lower taxable wage and will be reflected on the W-2c form that they will mail out.
Great! But what is a W-2c? Continue reading