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LittleTrick to Write Off Miscellaneous Expenses
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, until 2026, when they will revert to 2017 rules.
The Tax Cut and Jobs Act (TCJA) suspends Miscellaneous Expense deductions until 2026, 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 Code 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:
Tax Preparation, Consultation, investment, or planning fees for business
Advertising, marketing, website creation and maintenance fees Auto expenses (be sure to keep a logbook, if you use the vehicle for
both business and personal trips) No logbook, No deduction! Bank Fees and credit card processing fees
Communication Expenses (phones, internet, data plans) Dues, Professional organizations and groups
Education to improve your existing knowledge in a business (Not allowed if it prepares you for a new career or job, or a new professional license).
Equipment purchased or repaired and maintained
Health insurance premiums (includes Medicare insurance) Home Office expenses (you can have more than one office) Legal, accounting or other professional fees to manage or defend your income (professional athletes get to deduct fines they pay to their leagues for misconduct.)
License Fees and renewals
Office equipment and supplies
Payroll and sub-contractor expenses
Printing, postage, and shipping costs
Travel, transportation and lodging expenses (many expenses here that you wouldn’t think of)
Uniforms and laundry expenses
Qualified Business Income deduction
Check with azmoneyguy, or your tax advisor, to see if your situation and circumstances allow you to deduct business expenses.
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.
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Mr. Hockensmith has been a guest newscaster for national and local TV stations in Phoenix since 1995, broadcasting financial and tax topics to the general pubic. He has written tax and accounting articles for both national and local newspapers and professional journals. He has been a public speaker nationally and locally on tax, accounting, financial planning and economics since 1992. He was a Disaster Reservist at the Federal Emergency Management Agency, for many years after his military service. He served as a Colonel with the US Army, retiring from military service after 36 years in 2008. Early in his accounting career, he was a Accountant and Consultant with Arthur Andersen CPA’s and Ernst & Young CPA’s.
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