Correctional Officers Protect Deducts at Tax Time

On the off chance that you work in security or as a prison guard or correctional officer, you will be supplied Form W-2, Wage and Tax Statement, from your employer. Payments made to you for rendering security services outside of your regular employment may be considered self-employment income and is reportable on Schedule C, Profit or Loss from Business. You’ll either account for the income yourself, or you will receive a Form 1099-MISC, Miscellaneous Income, from those whom you provided services to. In the event that you are self-employed and your net income are $400 or more, you must pay self-employment tax on the amount you list on Schedule C. Moreover, you may need to make estimated installments to cover the self-employment tax or the amount you report on Schedule C.

As an employee, you may decrease your taxes by deducting unreimbursed occupational costs. These costs may be claimed as miscellaneous itemized deductions, or, if self-employment wages, they may be deducted on Schedule C. You should keep receipts to substantiate these costs. Examples of the things you may be eligible to deduct include:

  • Subscriptions to publications associated with your work
  • Dues for trade affiliations or unions
  • Insurance premiums for liability or protection against risk or wrongful acts
  • Specialized gear that is replaceable inside of one year
  • The expense and upkeep of uniforms in the event that they are needed for work and not suitable for regular wear
  • State or local government regulatory fees, licenses, or flat rate occupational taxes as long as they are not paid for introductory certification or licensing.

You additionally may be eligible to deduct business related training courses or workshops if they meet certain requirements. Instruction normally meeting the requirements include refresher courses, courses on current advancements, and professional courses. On the other hand, instruction that qualifies you for another industry or business, or that helps you to meet the base level training needed for your present exchange or business, is not deductible. You may be able to deduct additional expenses if you file a Schedule C. A few things you may have the capacity to deduct include:

  • Business bad debts
  • Car and truck costs when getting to and from work sites to another work site
  • Employee pay and remuneration, for example, rewards or commissions
  • Legal and expert charges, for example, bookkeeping or lawful counsel that are directly identified with the operation of your business
  • Rental cost for business use property, for example, trailer and gear rentals
  • Travel costs for leaving your business home in the event that you are obligated to be far from home for more than a regular day’s work – examples being tolls, parking fees, air, boat, or ground transportation costs, lodging and meals with limitations
  • Cell phone if fundamental for your business
  • Advertising
  • Equipment repairs and upkeep
  • Supplies and additional materials
  • Excise charges and individual property tax imposed on the business