Tag Archives: employee business expenses

Are you required to wear certain clothes to work to maintain a specific appearance? If so, have you ever wondered if you can count the expensive clothing you buy to wear to work as a business expense? Many employees think that they can consider work attire to be the same as a uniform, and therefore […]

Standard Mileage Rates for the IRS

If you use your car for business purposes, the IRS allows you to deduct expenses incurred from your taxable income. You will have to itemize your deductions, which is done on Form 2106 (employee Business Expenses), if you were reimbursed by your employer. Form 2106-EZ can be used if you didn’t receive any form of […]

You shouldn’t have to spend money to make money. However, sometimes you need to purchase items say you can perform your job more effectively. There are different types of work-related expenses such as extra uniforms, electronic gadgets, special tools, and other supplies. While you may be shelling out a lot of cash for these expenses, […]

The one thing in life that’s guaranteed is that you’ll have to pay taxes. Thankfully, though, the government opts not to force you to pay on your entire amount of income. When determining the amount of income for which you shall be taxed, the IRS uses two determinations of deductions: Above the Line, and Below […]

If your job or business requires you to use your own personal car, you may be able to deduct the entire operation costs up to certain limits. If the car is used for both business and personal use, however, you can only deduct costs relating to the business use. Generally, the amount of deduction is […]

Business Travel May be Deductible

Travel expenses are the ordinary and necessary expenses of traveling for your company, profession or job. Typically, employees deduct these expenses by using Form 2106, Employee Business Expenses, or Form 2106-EZ Unreimbursed Employee Business Expenses, and Form 1040, Schedule A, Itemized Deductions. You can’t deduct expenses that are unordinary or excessive or those that are […]

If you chose to entertain customers, employees or other areas of your business, you may be able to deduct certain expenses that are deemed ordinary and necessary for carrying on business. These expenses may be deductible if they are either directly related or associated with the business. You must have proof that the expense relates […]

An Education in Deductions

If you required additional training, or attended seminars for your work, you may be able to deduct any expenses you paid throughout the tax year when you file your return. These expenses have to have been incurred in order to maintain or improve your skills and performance at your job, or is required by law […]

Certain miscellaneous expenses, like consultation fees for tax services that you incur throughout the year, may be able to be deducted at tax time. If you chose to itemize your expenses, you may even be able to lower the amount of taxes you owe. If you want to claim miscellaneous deductions on your tax form, […]

Often, you’ll have to choose between itemizing your deductions and taking a standard deduction when you are filing your taxes. You should determine what your deductions amount to using both methods, then choose which option decreases the amount of tax that you owe. Typically, the method that leads to the largest deduction will provide the […]