Sen. Charles E. Schumer announced that he would advocate for a tax exclusion for those who use Citi Bike and other bike share programs for commuting purposes in a Senate tax bill. If the amendment is included and the bill is passed in to law, employees will be able to exclude $20 a month from their income for income tax purposes, if they have an employerprovided Citi Bike membership. This program already exists for mass transit benefits, the cost of parking a car at work, and the cost of storing or buying a bike you ride to work. Last year, the IRS ruled that programs like Citi Bike were not covered, and Schumer's legislation will fix that. “Bike share programs are an efficient, healthy, and clean form of mass transportation, and they should be treated the same way under the tax code as we treat car and mass transit commuters,” said Schumer. “It makes News From The SOCIAL SECURITY ADMINISTRATION Social Security Encourages All To Dust Off Their Financial Plans and make sure you’re still “on track” to reach your financial goals. According to a 2013 survey by the Employee Benefit Research Institute, the past few years have seen a sharp decline in Americans’ confidence about their retirement savings. Only 13 percent of workers feel very confident about having enough for a comfortable retirement and 28 percent are not at all confident. More than half of workers have less than $25,000 in total savings and investments. Twentyeight percent of workers have saved less than $1,000. If you haven’t begun saving for retirement, now is a good time to start—no matter what your age. If retirement is near, you’ll want to jump into the fast lane right away. If you’re younger and retirement seems a lifetime away, it’s still in your best interest to begin saving now. Here’s how much the magic of compound interest will work to your advantage. For example, a 25-year old who begins saving $100 a month and earns a modest 5 percent interest will have more than $150,000 at age 65. Save $200 a month and you’re looking at more than $300,000. Experts agree that saving when you’re young will make a world of difference when the time comes to draw on your retirement savings. Don’t just take our word for it. You can check out the numbers yourself. A great way to start figuring out how much you will need for retirement is to use Social Security’s online Retirement Estimator, which offers an instant and personalized estimate of your future Social by Rosa Rodriguez Social Security Asst. District Manager in Brooklyn Spring is officially here. Before you get started with your spring cleaning, perhaps another matter deserves some dusting off—that long-term financial plan. April is National Financial Literacy Month—the perfect time to spring into action when it comes to planning your financial future. If you already have a plan, this is a great opportunity to take another look at it -SEE SOCIAL ON PG. 66- Fine Italian Cuisine the Bamonte Family in 1900 ©Times Newsweekly - 2014 - BEMONTES Established by Closed Tuesdays FREE Parking BAMONTE’S 32 Withers St. Brooklyn, NY 11211 718-384-8831 • 718-384-9634 no sense for cars, trains, buses, and private bicycles to be covered by this program but not bike shares, and this legislation will fix that.” The Transportation Fringe Benefit in the Internal Revenue Code allows employers to provide compensation for the transportation costs of their employees on a tax-free basis. This incentive covers costs associated with parking, mass transit and, since 2008, costs associated with bike maintenance and storage if the employee regularly bikes to work. Last summer, the IRS ruled that costs associated with bike share memberships were not eligible under the statute as currently drafted and indicated legislative action would be Glendale School At Tech Competition St. Pancras School’s Robotics Team was well-represented at the 14th annual New York City First Mega-Celebration of Science and Technology held last Saturday, Apr. 5, at the Jacob Javits Convention Center in Manhattan. During the event, the Glendale-based team-known as Cougars United—competed in the NYC First Lego League Championship, using the famous building toy to show off their robotics and engineering knowledge. Eat at... 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CATERING MENU AVAILABLE TIMES, THURSDAY, APRIL 10, 2014 • 40 Seek Fed Tax Break For City Bike Share Gives Commuters Incentive To Pedal
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