Employment Tax Topics

Employee Tax Deductions for Every Occupation

Self Employment

Generally, you are self employed if you: Operate as an independent contractor; Are the sole proprietor of a business or you practice a trade; In some way or another are in business for yourself.

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Job Related Business Expenses

If you purchased a computer or cellular phone and use it for business, you may be able to claim a depreciation deduction. Your employer must require you to have the phone or computer as a condition of your employment, and you must use them for the convenience of your employer. You must keep a record of the personal and business use of the computer or phone to determine the percentage of business use.

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Job Related Moving Expenses

You may have changed jobs during the year or your employer may have transferred you to a new location. If your job change required you to move to a new location, and you meet the following qualifications, you can deduct your job-related moving expenses.

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Job Related Vehicle Expenses

If you want to take a deduction for the business use of your vehicle, you must decide whether to deduct your actual expenses or use the standard mileage rate. The standard mileage is easier to calculate and, if the IRS questions the deduction, only requires that you provide a written, detailed log of the miles driven.

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Job Related Travel Expenses

For tax purposes, travel expenses are the ordinary and necessary expenses of traveling away from home for a business, a profession, or a job. The following chart lists common deductible expenses you might have when traveling away from home for business purposes.

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Foreign Tax Credit

If you paid income tax to a foreign country on any type of income such as, interest, dividends, or wages you may be eligible to claim either a credit or an itemized deduction for the taxes paid.

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