Health & Fitness
Tax Deadline Countdown: Employees Can Deduct Workplace Expenses
Tax Help When You Need, a Silver Spring-based company, It gives local residents tips on tax deductions.
If you haven’t filed your taxes, what are you waiting for? Is it the loads of penalty and fees you will be hit with?
Okay, I want you to be ahead of the game and get the most back for your buck. This week I will give you advice on mistakes people make and deductions that your tax preparer may have overlooked.
Tax Countdown: 7 days until the deadline to file to avoid penalties and fees.
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As an employee, you can deduct workplace expenses.
If your employer does not reimburse all of your employment-related expenses, you might be able to deduct them on your federal income tax return. They would go on your Schedule A (Itemized Deductions), line 21, “un-reimbursed employee expenses.”
Find out what's happening in Silver Springwith free, real-time updates from Patch.
Two Hurdles for You to Jump
In order to deduct employee business expenses, you must jump over 2 hurdles: the 2% Floor and the Standard Deduction. “The 2% Floor" is 2% of your Adjusted Gross Income. Your un-reimbursed employee business expenses must total greater than 2% of your Adjusted Gross Income. You can deduct only the expenses over that amount. The second hurdle is your Standard Deduction. All of the deductions listed on your Schedule A generally must exceed your Standard Deduction. The amount of your Standard Deduction generally depends on your filing status.
TaxHelpWhenYouNeedIt is a Silver Spring-based company that can be reached at 301-537-5365 for questions and concerns dealing with taxes.
Read the full article here: Workplace deductions.
