Spending money to bring home a paycheck? Careful
record keeping can help you reclaim job-related expenses.
Who knew having a job could be so expensive? These
days, more and more employers expect their associates to come fully
equipped for work - sometimes down to their ink pens. So when, you
ask, do you get your money back? The answer may be as close as next
April 16.
Which deductions qualify and why?
Getting stuck with the bill for work-related
expenses can dampen the most loyal employee's enthusiasm for his
or her job. But if you keep good records, you can reclaim a
great deal of your hard-earned money in deductions.
In general, deductible expenses must be:
Other deductible expenses may include the following when required for employment:
In general, deductible expenses must be:
- required by your employer
- a condition of employment and
- necessary to perform assigned responsibilities.
Other deductible expenses may include the following when required for employment:
- bonding
- physical examinations
- office supplies not provided by your employer
- professional or trade association dues
- research, lecture, and writing expenses
- safety clothes and equipment
- union dues
- personal tools and equipment
Insurance Premiums: Which Are Deductible,
Which Are Not?
Although Schedule A allows for medical and dental
deductions, amounts you pay through your employer's
tax-sheltered health insurance plan and/or cafeteria plan do not
qualify. Other health-care costs that exceed 7.5 percent of your
adjusted gross income are deductible on Schedule A.
Business Travel May Be Deductible
The expense of your daily commute to work is not
deductible. However, if you find that you must travel to
secondary or temporary locations - even within your metropolitan
area - as part of your job and your employer does not reimburse
you for that travel, those expenses may be deductible. Also,
travel to and from a second job may be deductible.
Unreimbursed expenses for business travel outside of your metropolitan area may also be deductible. Tami @ 317.345.4182 @ Tami@highbaughtax.com to review the possibilities.
Unreimbursed expenses for business travel outside of your metropolitan area may also be deductible. Tami @ 317.345.4182 @ Tami@highbaughtax.com to review the possibilities.
The Benefit of Home Office
Let's say you dedicate a percentage of your home
regularly and exclusively to office use. Whether you can use it
as a deduction depends on whom the situation most conveniences,
you or your employer.
- If your employer chooses to have you work at home, rather than providing you with office space, then it is considered for his or her benefit and thus qualifies as a deduction for you.
- If, on the other hand, you volunteer to work at home for your own convenience, you may not deduct that percentage of your home's value
