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Specializing in Workers Compensation Audits, Payroll, Sales and Income Tax representation for Businesses, Individuals, Restaurants and Construction Companies. Civil and Criminal Workers Comp Audit representation includes: NYSIF Examinations, Premium Disputes, Employee Misclassification, Underreporting, Unreported Income, and Failure to Keep Accurate Payroll Records.

Tuesday, May 9, 2017

UNREIMBURSED EMPLOYEE EXPENSES for Tax Purposes

Generally, you can deduct on Schedule A (Form 1040) unreimbursed employee expenses that are:
1.    Paid or incurred during your tax year,
2.    For carrying on your trade or business of being an employee, and
3.    Ordinary and necessary.
An expense is ordinary if it is common and accepted in your type of trade, business, or profession. An expense is necessary if it is appropriate and helpful to your business. An expense does not have to be required to be considered necessary.
Examples of unreimbursed employee expenses are listed next. The list is followed by discussions of additional unreimbursed employee expenses.
·       Business bad debt of an employee.
·       Education that is work related. (See chapter 27.)
·       Legal fees related to your job.
·       Licenses and regulatory fees.
·       Malpractice insurance premiums.
·       Medical examinations required by an employer.
·       Occupational taxes.
·       Passport for a business trip.
·       Subscriptions to professional journals and trade magazines related to your work.
·       Travel, transportation, entertainment, and gifts related to your work. (See chapter 26.)
Business Liability Insurance
You can deduct insurance premiums you paid for protection against personal liability for wrongful acts on the job.
Damages for Breach of Employment Contract
If you break an employment contract, you can deduct damages you pay your former employer that are attributable to the pay you received from that employer.
Depreciation on Computers
You can claim a depreciation deduction for a computer that you use in your work as an employee if its use is:
1.    For the convenience of your employer, and
2.    Required as a condition of your employment.
Dues to Chambers of Commerce and Professional Societies
You may be able to deduct dues paid to professional organizations (such as bar associations and medical associations) and to chambers of commerce and similar organizations, if membership helps you carry out the duties of your job. Similar organizations include:
·       Boards of trade,
·       Business leagues,

FREE CONSULTATION (212) 974-3435
Selig & Associates provides the most aggressive tax representation allowed by law. Specializing in Trust Fund Recovery Penalty (TFRP) representation, and all payroll, income and sales tax controversies. We settle contested tax audits; negotiate excellent payment plans, compromise tax debts, and resolve all civil and criminal tax issues, including innocent spouse relief and separation of liability. 

TAX PROBLEMS SOLVED (212) 974-3435

Selig & Associates represents Contractors and Subcontractors before the Internal Revenue Service, the New York State Department of Taxation and Finance, the New Jersey Division of Taxation, the Connecticut Department of Revenue Services, the Department of Justice Tax Division and the Defense Office of Hearings and Appeals (DOHA). 

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