When we include our tax deductions, we must always remember the Big Four: Mortgage interest, State income taxes, Real estate taxes and Charitable contributions. John and Edith, a couple starting a business, had this in mind and they were also aware that 2017 was the last year to be able to write off Miscellaneous Expenses on Schedule A.
The Tax Cut and Jobs Act (TCJA) suspends Miscellaneous Expense deductions, but there is still a potential for getting these tax deductions. The couple knows this, because they sought assistance from their tax professional.
If you free-lance, earn side work, or have your own business you can still write off many items that are currently lost for employees. Having your own business allows you to write off any expense that is used for the business. Try to earn non-employee (self-employed) income from free-lance or side work and you can write off many, if not all the expenses listed below.
Internal Revenue Section 162 allows for any expense of operating a business that is reasonable and ordinary. Be sure to check with your state rules, where they might be allowed, too!
Some business deductions are as follows:
Call today, don’t delay! See how this affects you. We can be reached at 602-264-9331 and on all social media under azmoneyguy.