Some employees may be able to deduct certain work-related expenses. The following facts from the IRS can help you determine which expenses are deductible as an employee business expense. You must be itemizing deductions on IRS Schedule A to qualify.
Expenses that qualify for an itemized deduction generally include:
You must keep records to prove the business expenses you deduct. For general information on recordkeeping, see IRS Publication 552, Recordkeeping for Individuals available on the IRS website at www.irs.gov, or by calling 1-800-TAX-FORM (800-829-3676).
If your employer reimburses you under an accountable plan, you should not include the payments in your gross income, and you may not deduct any of the reimbursed amounts.
An accountable plan must meet three requirements:
If the plan under which you are reimbursed by your employer is non-accountable, the payments you receive should be included in the wages shown on your Form W-2. You must report the income and itemize your deductions to deduct these expenses.
Generally, you report unreimbursed expenses on IRS Form 2106 or IRS Form 2106-EZ and attach it to Form 1040. Deductible expenses are then reported on IRS Schedule A, as a miscellaneous itemized deduction subject to a rule that limits your employee business expenses deduction to the amount that exceeds 2 percent of your adjusted gross income.
Form 1040, Schedule A and Form 2106 are included in TaxACT Free Federal and Deluxe Editions. TaxACT helps you determine your business expense deduction, and walks you through hundreds of other credits and deductions. Your maximum refund and an accurate return are guaranteed. Start your tax return risk-free now.
June 10 — Employees who work for tips
If you received $20 or more in tips during May, report them to your employer - Details
June 10 — Communications and air transportation taxes under the alternative method.
Deposit the tax included in amounts billed or tickets sold during the first 15 days of May.
June 14 — Regular method taxesDeposit the tax for the last 16 days of May.
June 15 — Individuals
If you are a U.S. citizen or resident alien living and working (or on military duty) outside the United States and Puerto Rico, file Form 1040 and pay any tax, interest, and penalties due. If you want additional time to file your return, file Form 4868 to obtain 4 additional months to file - Details
June 15 — Individuals
Make a payment of your 2016 estimated tax if you are not paying your income tax for the year through withholding (or will not pay in enough tax that way). Use Form 1040-ES. This is the second installment - Details
June 15 — Corporations
Deposit the second installment of estimated income tax for 2016 - Details
June 15 — Social security, Medicare, and withheld income tax
If the monthly deposit rule applies, deposit the tax for payments in May.
June 15 — Nonpayroll withholdingIf the monthly deposit rule applies, deposit the tax for payments in May.
June 27 — Communications and air transportation taxes under the alternative method.
Deposit the tax included in amounts billed or tickets sold during the first 16 days of May.
June 29 — Regular method taxes
Deposit the tax for the first 15 days of June.
June 30 — Wagering tax
File Form 730 and pay the tax on wagers accepted during May.
June 30 — Heavy highway vehicle use tax
File Form 2290 and pay the tax for vehicles first used in May.
June 30 — Floor stocks tax for ozone depleting chemicals
(IRS No. 20). Deposit the tax for January 1, 2016.