Expenses Totaling More Than 2% AGI Are Deductible

Did you know that even if you don’t have an expense account at your job, you may still be able to deduct some you incur while working? The only catch is that your expenses must be greater than 2% of your adjusted gross income.

That means that things like taxi fares, fees paid for professional and events, and even dinners (with limitations) can be deducted, as long as they meet the above and aren’t reimbursed by your employer. Be aware that lunches, dinners, and coffee meetings are only 50% deductible.

You’ll be expected to show proof of your expense, in the form of receipts. And you should always have a clear record of who you met and the purpose for the meeting or conducted while incurring the expense.