It’s almost time for the start of the new school year, and teachers and other educators should know that they can still deduct certain unreimbursed expenses. Deducting expenses such as classroom supplies, training, and travel helps reduce the amount of tax owed when filing a tax return. Teachers and educators should keep in mind, however, that the deduction can only be claimed for expenses that weren’t reimbursed by their employer, a grant, or other sources.
Reminder: Rules for Depreciation and Expensing
As part of final guidance issued that pertains to the Tax Cuts and Jobs Act of 2017, new rules and limitations are in effect for taxpayers who deduct depreciation for qualified property acquired after September 27, 2017. As a business owner, they could affect your tax situation. Let’s take a closer look:
Small Business: Rent Expenses May Be Tax-deductible
If you’re a small business owner who is just starting out, you may not realize that some rent expenses may be deductible on your tax return. Here are some things small business owners should keep in mind when it comes to deducting rental expenses:
Employee Business Expense Deductions: Who Qualifies?
Prior to tax reform, an employee could deduct unreimbursed job expenses, along with certain other miscellaneous expenses, that were more than two percent of adjusted gross income (AGI) as long as they itemized instead of taking the standard deduction. Starting in 2018, however, most taxpayers can no longer claim unreimbursed employee expenses as miscellaneous itemized deductions unless they are a qualified employee or eligible educator.
Small Business: Deducting Startup Costs
If you’ve recently started a business – or are thinking about starting a business — you should know that as an owner, all eligible costs incurred before beginning to operate the business are treated as capital expenditures. As such, they are part of the cost basis for the business.
Advertising and Marketing Costs May Be Tax Deductible
As a small business owner, you may be able to deduct advertising and marketing expenses that help them bring in new customers and keep existing ones. Even better is that these deductions help small businesses save money on their taxes.
Per Diem Rates Updated for FY 2021-22
Per diem rates have been updated for FY 2021-22 and are effective October 1, 2021. These allowances substantiate the amount of ordinary and necessary business expenses paid or incurred while traveling away from home and include lodging, meal, and incidental expenses, as well as meal and incidental expenses only.
Small Business: Understanding Payroll Expenses
Federal law requires most employers to withhold federal taxes from their employees’ wages. Whether you’re a small business owner who is just starting or one who has been in business for a while – ready to hire an employee or two – here is what you should know about withholding, reporting, and paying employment taxes.
10 Things About Reporting Farm Income and Expenses
Farms include plantations, ranches, ranges and orchards and farmers may raise livestock, poultry or fish, or grow fruits or vegetables. If you’re in the farming business or are thinking about it, here are ten things you should know about farm income and expenses.
Tips for Deducting Medical and Dental Expenses
If you, your spouse, or dependents have significant medical or dental costs in 2019, you may be able to deduct those expenses when you file your tax return this year. Here are eight things you should know about medical and dental expenses and other benefits: