Working as an accounting clerk can be an exciting and rewarding job. Whether you are responsible for managing appointments, data entry, or assisting other office staff, if you work for an accounting firm you should receive a Form W-2, Wage and Tax Statement, from your employer. This form will list your wages and withholdings that you need to report at tax time.
You can lessen the amount of taxes you owe by claiming deductions for unreimbursed, work-related expenses. You’ll need your receipts for each expense to serve as proof of your deductions. Some items you may be able to deduct:
- Subscription fees for journals and publications related to accounting
- Professional membership dues
- Equipment and other items that you pay for in order to perform your job
- State or local government regulatory fees, including flat rate occupational taxes, as long as it’s not paid for initial licensing.
If you are in school, you may be eligible to claim the Lifetime Learning Credit or the American Opportunity Credit. The American Opportunity credit is available to students enrolled in their first four years of school and are working towards a degree or certificate. You must be enrolled at least half-time, and have no felony drug convictions. The Lifetime Learning credit is available for anyone who attends any class at a college, university or trade school. There are no enrollment time requirements or degree requirements.
If neither of these education credits apply you may be able to deduct any other work-related education expenses if they meet certain requirements. These types of classes generally apply to refresher courses, vocational classes, or classes on new developments in your trade. You cannot deduct educational expenses for classes that don’t pertain to your job as a work related expense, however. Classes that qualify you for a new trade, or those which help you meet the minimum qualifications for your job are nondeductible.