Investment Interest Expense

Investment Interest is interest paid on money you borrowed that is allocable to property held for investment. It does not include any interest allocable to passive activities or to securities that generate tax-exempt income. For instructions see Form 4952. Complete the information requested in this section and the softwarew will compute this deduction for you. Exception You do not have to [...]

Job-Expense and Most other Misc. Deduction Questions

Miscellaneous itemized deductions suspended. The previous deduction for job-related expenses or other miscellaneous itemized deductions that exceeded 2 percent of your adjusted gross income is suspended. This includes unreimbursed employee expenses such as uniforms, union dues and the deduction for business-related meals, entertainment and travel, as well as any deductions you may have [...]

Form 2106 - Employee Business Expenses

Starting with 2018 returns to current: Form 2106 will be used by Armed Forces reservists, qualified performing artists, fee-basis state or local government officials, and employees with impairment-related work expenses. Due to the suspension of miscellaneous itemized deductions subject to the 2% floor under section 67(a), employees who do not fit into one of the listeAn ordinary expense is one [...]

Social Security & Medicare Tax on Unreported Tip Income

If you receive tips of $20 or more in any month and you did not report the full amount to your employer, you must pay the social security and Medicare or railroad retirement (RRTA) tax on the unreported tips. You must also pay this tax if your Form(s) W-2 shows allocated tips that you are including in your income on Schedule 2 (Form 1040 or 1040-SR), line 5; Form 1040-NR, line 56; or Form [...]

Moving Expenses - Travel and Lodging

Deduction and Exclusion for moving expenses suspended for 2018 The deduction for moving expenses is suspended. During the suspension, no deduction is allowed for use of an automobile as part of a move. This suspension does not apply to members of the U.S. Armed Forces on active duty who move pursuant to a military order related to a permanent change of station. Also, employers will include [...]