" Publication 547, Casualties, Disasters, and Thefts,". 515, Casualty, Disaster, and Theft Losses." " Publication 936, Home Mortgage Interest Deduction,". " Foreign Housing Exclusion or Deduction." " The TCJA and Foreign Real Property Taxes." " Employer Compensation Expense Program."Ĭonnecticut State Department of Revenue Services. New York State Department of Taxation and Finance. District Court Southern District of New York. " Final Regulations on Charitable Contributions and State and Local Tax Credits." " State and Local Sales Tax Rates, 2023." " Publication 502, Medical and Dental Expenses,". " Schedule A (Form 1040), Itemized Deductions." " Publication 590-A, Contributions to Individual Retirement Arrangements (IRAs)," Pages 9-10. " Alimony, Child Support, Court Awards, Damages." " Publication 15-B, Employer's Tax Guide to Fringe Benefits," Pages 21-22. " Tax Cuts and Jobs Act: A Comparison for Businesses." " Qualified Transportation Fringe Benefits," Pages 1-2. " IRS Provides Tax Inflation Adjustments for Tax Year 2023." " Understanding the Credit for Other Dependents." " 26 CFR 601.602: Tax Forms and Instructions Rev. " Instructions for Schedule 8812, Credits for Qualifying Children and Other Dependents,". " 2021 Child Tax Credit and Advance Child Tax Credit Payments - Topic C: Calculation of the 2021 Child Tax Credit." " Publication 5307, Tax Reform Basics for Individuals and Families,". " Credits and Deductions for Individuals." " 10-SR, Tax and Earned Income Credit Tables,". " IRS Provides Tax Inflation Adjustments for Tax Year 2024." " How Did The Tax Cuts and Jobs Act Change Personal Taxes?" If you sell goods related to your hobby to customers, you can deduct the cost of those goods when calculating hobby-related income. These expenses, up to the amount of income you earned each year, are no longer deductible even though you do have to report (and pay taxes on) any income you earn from your hobby. Fees you pay to prepare your business return are fully deductible as a business expense. If you hire someone to prepare both your personal and business taxes, ask for a separate bill for each. Also gone are deductions for electronic filing fees and fees you pay to fight the IRS, including attorney fees, accounting fees, or fees you pay to contest a ruling or claim a refund. These include the cost of tax preparation software, hiring a tax professional, or buying tax publications. The deduction is limited to the amount of taxable investment income you earn for the year. Although the items above are no longer deductible, if you borrow money to buy an investment, interest on that loan (called investment interest) is deductible if you itemize. These are fees for investment advice or management, tax or legal advice, trustee fees (i.e., to manage IRAs or other investments), or rental fees for a safe deposit box. You could also ask for a pay raise, but that would be taxable. Your best recourse is to ask your employer to reimburse you for these expenses. These are work-related expenses you paid out of your own pocket and include travel, transportation, meals, union and professional dues, business liability insurance, depreciation on office equipment, work-related education, home office expenses, costs of looking for a new job, legal fees, work clothes, and uniforms.
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