Employee Business Expenses
Let’s find out how to put a little more money back in that refund.
If you pay for work-related expenses out of your own pocket, you may be able to deduct those costs. In most cases, you can claim allowable expenses if you itemize on IRS Schedule A, You can deduct the amount that is more than two percent of your adjusted gross income. Here are other facts you should know:
You can only deduct unreimbursed expenses that are ordinary and necessary to your work as an employee. Some costs that you may be able to deduct include:
· Required work clothes
· Supplies and tools you use on the job
· Business use of your car
· Business meals and entertainment
· Business travel away from home
· Business use of your home
· Work-related education
· This list is not all-inclusive.
Keep Records! You must keep records to prove the expenses you deduct so that you can prepare a complete and accurate income tax return.