Working in a factory, whether in production or warehouse can be a fulfilling career. If you are a factory worker, you’ll need to know a few things about your income taxes to ensure you are filing correctly at tax time. Your employer will provide you with a Form W-2, Wage and Tax Statement, which will include the amount of money you earned as well as withholdings.
At tax time, you can reduce your tax liability by claiming deductions. You are able to deduct any unreimbursed expenses that relate directly to your job. If you claim these expenses on a Schedule A, they may be claimed as a miscellaneous deduction subject to the 2% limitation of your adjusted gross income. Like any other deductions you claim, you should keep all receipts to document your expenses.
You can deduct certain expenses, such as dues paid to a union, subscription fees for trade publications, and safety equipment. If you take training courses, you are able to deduct those that fit certain requirements. Typically, courses that refresh your training, inform about new developments, and vocational classes are deductible. You aren’t able to deduct classes that qualify you for a new trade or occupation, however.