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2018 Can Unreimbursed Employee Expenses be Deducted?
Can unreimbursed employee expenses be deducted? No, not for a W2 employee. Any of the 2017 expenses and years prior that were subject to a 2% of AGI limitation are no longer deductible. Yes, for independent contractors. Yes, for Statutory employees. The best example of a Statutory Employee is an outside insurance…
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2018 Unreimbursed Mileage – Unreimbursed expenses for W2 Employee
Assuming you are a W2 employee (not an independent contractor)….. There no longer is any deduction for unreimbursed employee expenses… GONE! That means, unfortunately, you have legitimate expenses you cannot deduct. In an ‘UNACCOUNTABLE’ plan (your allowance), it is suppose to be added to your W2 and taxed for both FICA and Federal Withholding. It is an…
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20% QBI Deduction (Qualified Business Income)
[…]Read More… from 20% QBI Deduction (Qualified Business Income)
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Accountable vs Unaccountable Vehicle Plans
Two kinds of vehicle plans ACCOUNTABLE PLAN Employee hands employer expense report showing X business miles. Employer reimburses X for that amount up to the approved business mileage rate per mile for that year. Done. Employer gets the deduction. Employee is not taxed. UNACCOUNTABLE PLAN Employee receives X per month with no accounting to the…
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SUB S OWNERSHIP CHANGE
If a shareholder terminates his or her interest in an S corporation during the tax year, the S corporation, with the consent of all affected shareholders (including those whose interest is terminated), may elect to allocate income and expenses, etc., as if the corporation’s tax year consisted of 2 separate tax years, the first of which ends…