Strategic Tax Tips - April 10, 2018

Chad Hassinger |
Categories
Tax Planning

By Colleen M. Henes, CFP®, JD
Financial Advisor, Advanced Planning

April 10, 2018

Are you employed and have a home office or significant unreimbursed business expenses such as travel costs, union dues, professional licenses/subscriptions, or continuing education fees?

None of these will be deductible as a miscellaneous itemized deduction subject to the 2% floor. The Tax Cuts and Jobs Act suspended all of these deductions for tax years 2018 through 2025. We recommend talking with your employer about ways to reimburse these expenses or speaking with both your tax preparer and employer to see if you should become an independent contractor. By being an independent contractor, it may allow you to deduct business-related expenses on Schedule C of your individual return.

Unless otherwise expressly indicated, the opinions or views expressed in this article are the author's own and do not reflect, and may differ from, the opinions or views of Strategic Financial Group, LLC or others within Strategic Financial Group, LLC, including its officers, managers, owners, employees or other service providers.