is deductible from public transit travel expenses 350.00 per month To be deductible, personnel expenses must exceed 2% of your adjusted gross income, as indicated on your Form 1040 on line 38. Only the portion of expenses that exceeds the 2% limit is deductible. I lived in Boston, MA and worked in Hartford, CT. I had to take a rental car every Thursday/Friday to get home and back on Sunday/Monday – most weeks in 2014 when they were affordable to pay out of pocket. Or take a bus. Each round trip is about 216 miles. Even during the week, I had to find temporary accommodation. To be tax deductible, expenses incurred for non-entertainment travel and meals must be ordinary and necessary expenses incurred during the course of your trade or business. In general, you also need to prove that expenses for non-entertainment-related meals are directly related to the execution of your business or business. For more information about trips and unpleasant meals, including franchises, see Pub. 463.

The deduction of SEP IRA contributions is one of the most practical ways for the self-employed to reduce their taxable income. Self-employed individuals can contribute up to 20% of net income, and this contribution is fully tax deductible. Self-employment tax is calculated before SEP contributions. Thus, these contributions do not affect the tax on self-employment. Regular travel from home to work is considered a non-deductible personal expense. However, if you have to travel between multiple locations or get to work, some of these costs may be deductible. Flights, hotel rooms, rental cars, meals and tips are considered travel expenses. If a passport is required for your trip, you can also claim it. I am an exempt employee with a rate of pay of 40 hours per week.

We are explicitly told that we cannot work overtime or replace comp time. We are allowed to flex, if possible during the same pay week. My question is.. Can an exempt employee who regularly works 60 to 70 hours per week, of which 20 to 30 hours are not paid in any form, be allowed to deduct those hours as business expenses not represented on a List A? This is indeed a business loss if you look at the hours. I understand that the FLSB does not require exempt employees to be paid for overtime. It seems to me that the hours lost per week are not reimbursed and therefore limit your ability to take a second job. documentation or advice on this? However, if you dispute the tax shortfall and the interest offered, but you pay and do not refer to the payment as a cash obligation, the interest will be deductible during the year paid. Under a responsible plan, you can generally only deduct 50% of the otherwise deductible business-related food costs you reimburse to your employees. The deduction limit also applies if you reimburse them 100% of the expenses. Fees that include payments for work of a personal nature (e.g., B the preparation of a will or damage resulting from bodily injury) are not permitted as a business deduction in Schedule C (Form 1040). If the invoice includes both business and personal expenses, calculate the business share as follows: Multiply the total amount of the invoice by a fraction, the numerator of which is the amount attributable to business matters, the denominator of which is the total amount that will be paid.

The result is the portion of the bill that is attributable to business expenses. The share allocated to personal affairs is the difference between the total amount and the share of the enterprise (figure above). If an organization is exempt from tax and a portion of the fees or other amounts you pay to the organization is used to pay non-deductible lobbying expenses, you will not be able to deduct that portion. Here are some exceptions to this: Beware of receiving suspicious calls at home or at work from sources claiming to be from the IRS, other agencies, or external sources asking for money or credit card information, or threatening to arrest you for non-payment. These callers may ask for money or say you owe a refund and try to get you to share private information. These scammers may seem convincing when they call. They may know a lot about you. Your job clearly requires the cost you need to do that job satisfactorily. If you file tax returns with multiple deductions, start by collecting all the appropriate documents, e.B.

Form 1098 for mortgage interest deductions. .