Tag Archives: travel expenses
If you are planning to claim your medical expenses when you file your tax return, you have to remember a few important tips in order to take a deduction for your medical expenses. Itemize – You are required to itemize your deductions if you want to claim medical expenses. You are not able to take […]
— Read moreLife as a freelancer can be pretty laid-back. You set your own schedule, you control your own work, and you have a lot more freedom – most of the time. At tax time, being a freelancer can be daunting if you haven’t kept good records or don’t know what to expect. Filing your taxes can […]
— Read moreEach tax year, many Americans end up paying more than they have to in taxes just because they don’t claim all the deductions they qualify for. No one wants to pay more than is necessary, so before you file your taxes make sure you have taken all the deductions you can. You may be able […]
— Read moreThere are two different options for taking deductions at tax time. You can use the standard deduction, which ranged from $6,300 to $12,600 for 2015 taxes, or you can itemize. The choice is up to you. You should check to make sure that itemizing your expenses doesn’t amount to more than the standard deduction if […]
— Read moreDo you drive a bus for a living? Being on the road, helping people get where they need to go can feel very rewarding. Reward yourself at tax time by claiming deductions which can lower the amount you owe in taxes and put more money in your pocket. If you work for a specific business, […]
— Read moreDo you drive a vehicle, like a school bus, semi-trailer, truck, or taxi for work? Drivers will receive Form W-2, Wage and Tax Statement, for income from wages you obtain being an employee. In the event that you received a Form W-2 and the ‘Statutory employee‘ check box in Box 13 is marked, report that […]
— Read moreTravel expenses are the ordinary and necessary expenses of traveling for your company, profession or job. Typically, employees deduct these expenses by using Form 2106, Employee Business Expenses, or Form 2106-EZ Unreimbursed Employee Business Expenses, and Form 1040, Schedule A, Itemized Deductions. You can’t deduct expenses that are unordinary or excessive or those that are […]
— Read moreIf you travel for work, and you are employed by someone other than yourself, it may be more beneficial to have your employer reimburse any costs you incur while traveling than to try to deduct them at tax time. Deductible expenses occur when you are away on a work related trip outside of your main […]
— Read moreUsing your personal car for business reasons can lead to a deduction come tax time. You may qualify to deduct the actual operating expenses or you can opt to take the standard mileage rate of deduction. Remember though, you can’t deduct expenses you incur while commuting back and forth to work. You may also be […]
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