Welcome Guest. Register Now!  



Reply
 
LinkBack Thread Tools Search this Thread Display Modes
  #1 (permalink)  
Old 02-06-2007, 10:28 AM
Junior Member
 
Join Date: Jan 2007
Posts: 13
Employee Business Expenses deductions

Dear TaxGuru,

How does one deduct employee business expenses the portion not reimbursed by the employer! For your nformation, I incurred these strictly for business?



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
  #2 (permalink)  
Old 02-07-2007, 10:28 AM
TaxGuru's Avatar
Tax Guru
 
Join Date: Jan 2007
Location: New Jersey, USA
Posts: 2,417
Blog Entries: 3
In general, if you meet the definition of employee business expenses per IRS rules, you need to include these expenses on Form 2106.

Include these expenses in the 4 categories provided, line 1 thru 4. The business expenses that do not include meals, travel and entertainment or vehicle expenses are included on line 4.

Now, the sum total of these expenses are then transferred to Schedule A where they subjected to 2% limit of your AGI (adjusted gross income). In other words, there is a disallowance of 2% of your AGI that is deducted from the total Employee expenses.

Here is the IRS website for Form 2106 for your you to look at.

http://www.irs.gov/pub/irs-pdf/f2106.pdf

__________________
Find a CPA near you!

Ask TaxGuru Please refer to the legal disclaimer.


Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
Ads
Reply



Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Follow us on Facebook Follow us on Twitter Google Buzz Rss Feeds

» Categories
 
Individual
 » Income
 » IRA/Sep
 » Medical
 
Corporations
 » Payroll
 
Forum for CPAs
 
Financial Planning
 
 
 

» Recent Tax Q&A
No Threads to Display.