That’s a great list! here are the ones you should take note of:
employees (form 2106): includes expenses from your job for which you were not reimbursed, but you only get the amount that exceeds 2% of your AGI (adjusted gross income), and only if you can detail. For example, if your AGI is $100,000, you must have at least $2,000 in employee/miscellaneous business expenses before you start taking advantage of the deduction. … read the full answer
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Self-Employed (Schedule C): You are allowed to deduct most business expenses in full. meals are discounted at 50%.
advertising and promotion expenses (if self-employed)
books and publications
- books, trade magazines, newspapers and publications for your trade or profession
fees and fees:
- Debts to a professional organization for people in your profession
- union dues, initiation fees, and assessments for benefit payments to unemployed union members.
- statutory dues for your profession
- debts to chambers of commerce and similar organizations if membership helps you perform your job duties (see exceptions).
- paid leaves of absence to state or local governments
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education and research
- educational expenses related to your current job that maintain or improve your skills.
- research expenses
equipment and supplies
- commercial use of the computer. for employees, it must be for the convenience of their employer and required as a condition of their employment.
- supplies and tools you use in your work
home office
- office expenses in your home if part of the home is used regularly and exclusively for your work. Employees: The use of your home office should also be for the convenience of your employer.
- for more information, see irs publication 587
internet
- employees: must be for the convenience of your employer and required as a condition of your employment.
job search expenses (employees)
To deduct job search expenses, you must be looking for a job in your current line of work (ie, not changing careers or looking for your first job). expenses include:
- resume preparation (writing, typing, printing, mailing, faxing)
- employment agency fees
- executive recruiter fees
- portfolio preparation costs
- professional advice to help you improve your position
- legal and accounting fees you pay in connection with the negotiations and preparation of the employment contract
- advertising
- costs of transportation to job interviews
- long distance calls to prospective employers
- newspapers you buy to read job advertisements
- other trade publications you buy to read the job ads
- half of the meals you pay for are directly related to your job search
- if you travel away from home to look for a new job, your travel expenses, accommodation, meals (50% of the cost), etc. they are deductible only if the main purpose of your trip is to look for work. To substantiate the purpose of your trip, keep a daily record of your interviews, application efforts, etc.
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meals and entertainment
- costs for meals and entertainment with a clear business purpose (ie, meetings with clients) (only 50% of the cost is deductible). keep a record of the date, place, amount of expenses, persons present, purpose of business, and business discussed. also keep receipts for expenses over $75.
- for more information, see irs publication 463
telephone rates
- commercial use of the cell phone.
- cost of long distance business calls charged to home phone
- separate business phone (home phone line is not deductible)
travel and transportation
- travel expenses incurred while away from home on business
- travel expenses paid in connection with a temporary work assignment
- transportation between your home and a location of temporary work if you do not have a regular place of work but you normally work in the metropolitan area where you live and the temporary work place is outside that area
- transportation between your home and a temporary work place if has at least one regular workplace for this job. no matter how far away the temporary location is in this case.
- transportation from one job to another if you work two places in one day
- if you are self-employed and your home is your place primary business, all business travel is deductible.
- for more information, see irs publication 463
uniforms and equipment
- protective clothing and equipment
- uniforms (except if you are on full-time active duty in the armed forces)
- dry cleaning costs for your uniforms or protective clothing (although not your everyday clothing)
- specialized clothing designed for your job, as long as it is not suitable for everyday use
- safety gear, such as hard hats , safety glasses, safety boots and gloves
several
- gifts, but only up to $25 per recipient
- passport if needed for business travel
- postage
- office supplies
- printing and copying
- legal and professional services (tax preparation fee)
- medical exams required by your employer
- occupational taxes if charged at a flat rate from your city or other local government for the privilege of working in that area
- commercial liability insurance premiums
- severance insurance premiums
- damages you pay to a former employer for breach of employment contract
- employee contributions to state disability funds
self-employed only
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- business loan interest
- autonomous medical insurance (partial)
- commissions and fees
- business insurance
- contributions keogh o sep
- commercial property rental
- office rental and utilities
- repairs and maintenance
- business taxes and license
