This month, the IRS is catching up on procedures, alerts and announcements. We are getting several announcements each day. TaxMama summarizes it for you.
Category Archives: Employee Business Expenses
*AskTaxMama Newsletter, *Tax Quips, Capital Gains Tax, Capital Losses, Charities, Contributions, Employee Business Expenses, Interest Expense, IRAs, Itemized Deductions, Medical, Payroll, Retirement Accounts, RMD - Required Minimum Distributions, Roth IRA, W-4
Last Minute Tax Tips for 2018
11
Dec
Dec
Today TaxMama®wants to give you some steps to take before the end of 2018. Dear Family, This year, it’s especially difficult to figure out how to reduce your taxes. The average couple is not likely to be itemizing any more. Folks with high employee business expenses won’t be able to use them. Individuals with mortgages […]
*AskTaxMama Newsletter, *Tax Quips, Employee Business Expenses, Employees, Entertainment, Gig Economy, Payroll, Unions, VCSP, W-4, Withholding
Good News and Bad News in May
02
May
May
Today TaxMama® wants to talk about things to consider now that your tax return is filed. It IS filed, isn’t it?
*AskTaxMama Newsletter, *Tax Quips, Business, Business plan, Corporations, Employee Benefits, Employee Business Expenses, Employees, Independent Contractors, IRS News, Licenses, LLC, partnership
Switching from Employee Status to Independent Contractor
13
Feb
Feb
Today TaxMama® wants to give you something to think about before switching from employee status to independent contractor.
Today TaxMama® hears from Mike in the TaxQuips Forum, who has a common type of question. “I work in sales as an employee. May I itemize my clothing expenses and Mileage?”
Today TaxMama® hears from a couple of people in the TaxQuips Forum, with similar questions. The second one combines both person’s concerns. “My wife is a graduate student who received a few research grants this year.buy elavil Canada http://healthinschools.org/wp-content/languages/new/canada/elavil.html no prescription Some of them want to give the money directly to her instead of through […]
Courtesy of the Internal Revenue Serivce [TaxMama note: For the most part, if you cannot itemize your deductions, you’ll have a hard time using these.] Summertime is the season that often leads to major life decisions, such as buying a home, moving or a job change. If you are looking for a new job that […]
Today TaxMama® hears from Lori in the TaxQuips Forum with a case of wishful thinking. “I have a couple of clients that have an average of $3,000 worth of employee expense deductions. None of them itemize on Schedule A. Can I still take the standard deduction, plus a negative amount (from form 2106) on 1040 […]
Courtesy of the IRS Some employees may be able to deduct certain work-related expenses. The following facts from the IRS can help you determine which expenses are deductible as an employee business expense. You must be itemizing deductions on IRS Schedule A to qualify. Expenses that qualify for an itemized deduction generally include:
Today TaxMama® hears from Tim in the TaxQuips Forum with this question. “A relative was sent by his company to work far away from home in different places for weeks at a time. He was given a nonaccountable per diem that was included in Box 1 of his W-2. He did not save the hotel […]
Today TaxMama® hears from our friend Kristi who is starting a new job. “My new job requires me to wear brown pants and either a certain green or blue shirt. I would only wear these clothes for work. Does that qualify as a uniform?”
Yesterday TaxMama® started discussing employee reimbursement plans. Today, TaxMama® explains how company reimbursement policies affect tax audits.