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Business Deductions You May Qualify for on Your Taxes
May 22, 2017
Business Employee Expenses If you keep records of your expenses, you may take the following work-related business deductions. Some local transportation costs are deductible, as long as you are not including commuting to work from your home. In addition, certain business entertainment, meals and gift expenses can be taken as a deduction.
Business Travel Expenses You may be able to deduct certain unreimbursed business expenses that you incur while traveling for business. Travel expenses that qualify include transportation, baggage fees, meals, lodging, laundry and business calls. You may not include as a business travel expense anything that would be considered extravagant or over the top as part of this deduction.
Use of Home for Business Expenses You may qualify to deduct certain expenses if you are using your home as an office for your business. In order to qualify for the home business deduction, part of your home must be used for one of the following:
Primary location for trade or business
Primary location for meeting clientele
A storage facility for inventory, product or samples for your business
A separate, unattached structure on your property that is used exclusively for your business
A daycare facility
Use of Vehicle for Business Expenses If you drive your vehicle for your job or business, you may be able to deduct the costs associated with operating your vehicle. You can either use a standard mileage rate or the actual-expense method, which is what it actually costs to operate the car for its business-use portion. If your vehicle is used exclusively for business, you may qualify for 100 percent deduction. If you’re claiming actual expenses, these include gas, oil, repairs, insurance, registration fees, lease payments, depreciation, bridge-and tunnel-tolls and parking that can all be written off. If you plan to take this deduction make sure you keep a detailed log along with all receipts or keep track of your yearly mileage and then deduct the percentage used exclusively for work.
Educator Expenses To qualify for the educator expense, you must work at least 900 hours in a school year. K-12 educators may deduct up to $250 of unreimbursed expenses for books, supplies and computer equipment. You may deduct up to $500 if you are a married couple filing jointly and both of you are educators who incurred expenses.
Work Uniform Expenses If you are required for your job to wear clothes that are not suitable for everyday wear, you may claim the purchase of the work uniform as a deduction. Work uniforms that qualify as for this deduction include medical scrubs, coveralls, ,protective clothing, gloves, military uniforms and even theater costumes.
Union Dues Your union dues, initiation fees and other related expenses from taxable income all qualify as deductions. All unreimbursed employee expenses, are subject to the 2 percent rule when you are deducting them.
Jury Duty Pay You may deduct your jury pay from your taxable income, if your employer continued to pay your salary while you served on a jury and you gave your employer your jury pay.
Job Search Expenses You may deduct expenses you incur during a job search as long as it is the same line of work as your most recent job, if you itemize. Deductible expenses transportation(which includes a deduction of 54 cents per mile), parking, tolls, taxis, printing resumes, postage for resumes, job search fees and employment agency fees.