General Discussion
Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsThanks, Dump & your rethug accomplices. I can no longer deduct biz expenses
My accountant just informed me of this.
What a crock! What crooks! Ponzi scheme on steroids.
LuckyCharms
(17,487 posts)diva77
(7,696 posts)I think it's as you say -- expenses incurred for completing an indep. contractor job
LuckyCharms
(17,487 posts)Un-reimbursed employee expenses are for things like cell phone costs, mileage etc. that are not reimbursed to you by your employer.
These types of EMPLOYEE expenses are classified as an itemized deduction, and are only deductible to the extent that they are over 2% of your income. These are the expenses that were disallowed in the new tax bill.
If the above is how you classified these expenses in the past (itemized as an employee), then there is a concern. However, I think that independent contractors are classified as self-employed (Schedule C) rather than an employee, Therefore, your business expenses are still deductible. All of this being said, your accountant had a reason for telling you this, so I sm assuming that you are classified as an employee?
unblock
(52,570 posts)diva77
(7,696 posts)have looked into it in the past...might have to revisit it again...thanks for your input
The Velveteen Ocelot
(116,106 posts)The Secretary of State has all the necessary forms on line. That's probably the case in most states.
diva77
(7,696 posts)still_one
(92,595 posts)addition, any profit realized on Schedule C, would take 20% off that profit before entering it on 1040 as income
diva77
(7,696 posts)Ferrets are Cool
(21,126 posts)diva77
(7,696 posts)Eliot Rosewater
(31,159 posts)destroy political enemies with.
The IRS you know of, the government you know of, it is all gone.
The Velveteen Ocelot
(116,106 posts)diva77
(7,696 posts)thanks for the link
still_one
(92,595 posts)result, would be discounted 20% off that profit before entering that income on 1040
Ferrets are Cool
(21,126 posts)things that I pay for that are 100% work related.
still_one
(92,595 posts)back from the tax cut
Drinks on me!!!!!!!!!!!!
diva77
(7,696 posts)still_one
(92,595 posts)LuckyCharms
(17,487 posts)1) Itemized deduction on Schedule A, or
2) Business expense on Schedule C???
diva77
(7,696 posts)just what I wanted to do during the holidays!!
LuckyCharms
(17,487 posts)If Sch. C...then you are ok because those expenses remain.
I would just go ahead and enjoy the holidays...a 2 minute phone call to your accountant will clear it up!
diva77
(7,696 posts)Kick in to the DU tip jar?
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