Deducting Business Expenses

"What items can I deduct as business expenses?"

 

Well... it depends!

 

 

We have provided a link to the guidance offered by the Internal Revenue Services as well as some worksheets to help you keep track of those deductible expenses.

Everyone asks.. can I deduct my computer I just bought? My desk? My cell phone? And so much more! 

The IRS website has good instructions on deducting such expenses as well as worksheets Uhart Tax & Financial has provided for use to help prepare a list of deductions for your tax returns.

There is a difference when it comes to an "employee" vs "self-employed."

 

Employees who work and receive a W-2 are not able to deduct any work related expenses on their federal tax return. However, if you live in California or certain other states, you may be able to deduct expenses under specific circumstances. You must be able to itemize in California, whose threshold is a bit lower. You also must be able to meet the 2 1/2% miscellaneous deduction threshold before you can even have a $1 of deductions towards the California Itemized Limit. As always, if you have further questions, please contact us.

 

Be sure to keep the receipts for items you purchase in accordance with the "How Long To Keep My Records."

 

 

 

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