Many of us have job-related expenses that we pay out of pocket that are not reimbursed by the employer. We had the opportunity to deduct these expenses on our tax returns in previous years. These job-related expenses included union dues, mileage driven for work or travel expenses, work clothes, tools and safety gear.
With the new tax laws, these deductions have been suspended and are nondeductible for the tax years 2018 to 2025. Items that remain in place are gambling losses and investment interest deductions.
Note: This suspension does not include people who are independent contractors (paid by a 1099-MISC) or who are self-employed. It applies, mainly, to employees who receive a W-2 for wages earned and deduct the expenses on their Schedule A itemized Deductions.
Here at Misiko Tax Services, we are eager to guide you through these new tax laws and help you file an accurate tax return. We would like to meet with you so that we can help you plan to save on taxes. Give us a call and book an appointment. We look forward to working with you.