General Discussion
Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsThanks, Dump & your rethug accomplices. I can no longer deduct biz expenses
My accountant just informed me of this.
What a crock! What crooks! Ponzi scheme on steroids.
LuckyCharms
(17,450 posts)diva77
(7,649 posts)I think it's as you say -- expenses incurred for completing an indep. contractor job
LuckyCharms
(17,450 posts)Un-reimbursed employee expenses are for things like cell phone costs, mileage etc. that are not reimbursed to you by your employer.
These types of EMPLOYEE expenses are classified as an itemized deduction, and are only deductible to the extent that they are over 2% of your income. These are the expenses that were disallowed in the new tax bill.
If the above is how you classified these expenses in the past (itemized as an employee), then there is a concern. However, I think that independent contractors are classified as self-employed (Schedule C) rather than an employee, Therefore, your business expenses are still deductible. All of this being said, your accountant had a reason for telling you this, so I sm assuming that you are classified as an employee?
unblock
(52,277 posts)diva77
(7,649 posts)have looked into it in the past...might have to revisit it again...thanks for your input
The Velveteen Ocelot
(115,781 posts)The Secretary of State has all the necessary forms on line. That's probably the case in most states.
diva77
(7,649 posts)still_one
(92,301 posts)addition, any profit realized on Schedule C, would take 20% off that profit before entering it on 1040 as income
diva77
(7,649 posts)Ferrets are Cool
(21,108 posts)diva77
(7,649 posts)Eliot Rosewater
(31,112 posts)destroy political enemies with.
The IRS you know of, the government you know of, it is all gone.
The Velveteen Ocelot
(115,781 posts)diva77
(7,649 posts)thanks for the link
still_one
(92,301 posts)result, would be discounted 20% off that profit before entering that income on 1040
Ferrets are Cool
(21,108 posts)things that I pay for that are 100% work related.
still_one
(92,301 posts)back from the tax cut
Drinks on me!!!!!!!!!!!!
diva77
(7,649 posts)still_one
(92,301 posts)LuckyCharms
(17,450 posts)1) Itemized deduction on Schedule A, or
2) Business expense on Schedule C???
diva77
(7,649 posts)just what I wanted to do during the holidays!!
LuckyCharms
(17,450 posts)If Sch. C...then you are ok because those expenses remain.
I would just go ahead and enjoy the holidays...a 2 minute phone call to your accountant will clear it up!