Employee Business Expenses:
Mr. CPA, it does seem fair that business owners get to take all those deductions. What business deductions can I take as an employee? Here are some tax tips from the IRS on that subject:
Employee Business Expenses
The trick with Employee Business Expenses (other than the name doesn’t quite fit) is they are included ultimately on Schedule A of your tax return in the section titled “Job Expenses and Certain Miscellaneous Deductions” of which you benefit to the extent that they exceed 2% of your Adjusted Gross Income. So if you have unreimbursed business expenses like auto expenses or miles driven but you Adjusted Gross Income is over $100,000, for example, then you need a lot of expenses or miles driven to recognize a benefit on your tax return.
To have an experienced CPA help you prepare your tax returns and help you reach your goals contact me at the phone number below.
Jeff Haywood, CPA
I prepare the following types of tax returns:
Federal and State Returns
Also, I am available for tax planning and discussions about business, retirement planning and life goals.
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As always keep in mind that the content provide on this site is general in nature and may or may not apply to your particular case. It is best to check with a tax professional about your circumstances and what is best for you personally. Also, IRS regulations and tax laws are constantly changing and the information on this site is not constantly updated. Again please check with me about your particular circumstances and what will be best in your situation at the given time and law.
This article was written by Jeff Haywood, CPA.
Jeff is a licensed CPA in both Texas and Illinois.
He has prepared income tax returns for the public for over 10 years.
He also has an MBA in Finance from Loyola University in Chicago and he has 24 years experience in Corporate Finance and Business Analysis.