Thanks, Dump & your rethug accomplices. I can no longer deduct biz expenses

[diva77]

My accountant just informed me of this.

What a crock! What crooks! Ponzi scheme on steroids.

[LuckyCharms]

1. Non-reimbursed employee expenses? n/t

[diva77]

7. I'm not fluid with the correct terminology of taxes, but

I think it's as you say -- expenses incurred for completing an indep. contractor job

[LuckyCharms]

16. Not an expert, but I'm pretty sure you are ok.

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]

2. but if you incorporate...?

[diva77]

5. incorporating is really expensive

have looked into it in the past...might have to revisit it again...thanks for your input

[The Velveteen Ocelot]

10. Depends on your state. In mine (MN) the filing fee is $55.00.

The Secretary of State has all the necessary forms on line. That's probably the case in most states.

[diva77]

14. the actual cost for LLC is cheap here, but then they sock you with $800 annual franchise payment

[still_one]

11. If the OP files Schedule C then he be able to subtract those expenses from any income he makes. In

addition, any profit realized on Schedule C, would take 20% off that profit before entering it on 1040 as income

[diva77]

15. thanks - will ask my acct. about this

[Ferrets are Cool]

3. None of them at all?

[diva77]

9. I think I need to talk to my accountant ...good question

[Eliot Rosewater]

4. IRS will be cut to the bone and the only people working will be the ones the GOP sends out to

destroy political enemies with.

The IRS you know of, the government you know of, it is all gone.

[The Velveteen Ocelot]

6. That applies to employees' unreimbursed expenses, not self-employed people.

https://www.snopes.com/tax-bill-small-business-deductions/

[diva77]

8. oh - I fall into both categories, I think. What a mess!!

thanks for the link

[still_one]

13. If you a self-employed a file Schedule C, any profit realized after subtraciting expenses that

result, would be discounted 20% off that profit before entering that income on 1040

[Ferrets are Cool]

12. Thank goodness. I would be in a world of chit if I couldn't expense out

things that I pay for that are 100% work related.

[still_one]

17. Comparig my what I will pay in 2017 to what I will pay in 2018, I will get about 45 dollars/month

back from the tax cut


Drinks on me!!!!!!!!!!!!

[diva77]

19. water, anyone?

[still_one]

20. YES!!!!!!!!!!!!!!

[LuckyCharms]

18. How were these expenses classified on last year's return?

1) Itemized deduction on Schedule A, or

2) Business expense on Schedule C???

[diva77]

21. I guess I have some homework to do...will dig out my tax stuff

just what I wanted to do during the holidays!!

[LuckyCharms]

22. If Sch. A, no longer deductible.

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!

[diva77]

23. Thanks, Lucky