The new tax law has done away with the “Unreimbursed Employee Expenses” deduction. In the past these have been deducted on a taxpayer’s itemized deduction, Schedule A, Form 2106 (subject to 2% of AGI).
If you are a mechanic, nurse, truck driver, oilfield worker, real estate professional or in advertising (just to name a few), and you buy your own tools, uniforms, work shoes, gifts, pay for advertising, or are away from your tax home and have to buy meals, you will no longer be able to deduct these expenses.
The standard deduction has been increased, but we are concerned that this change will result in taxpayers paying more taxes.
If possible, meet with your employer and see if you can arrange a “Reimbursement Plan”. You can submit your receipts and expenses; they can reimburse you, and your employer can deduct the expenses on their taxes.
Please call and set up an appointment for tax planning. This change could have an affect on your tax liability.