Employee Business Expense: The Tax Cut & Jobs Act (TCJA) will eliminate the deduction for employee business expenses, like teacher supplies, salesperson expenses, office-in-home, and union dues, beginning in 2018. It also eliminates the deductibility of tax return preparation fees. You can currently only deduct such expenses if they exceed 2% of AGI and you itemized your deductions. ‘Lump’ theses expenses into 2017 to maximize them. Buy supplies, purchase any additional equipment you may need, pay for journal subscriptions in 2017. You may want to pre-pay your tax return preparation fee for your individual return.
Carrie’s 20 Days of Tax Dips – Day 11
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