Last fall we gave you a heads up on one of the significant impacts of the Tax Cuts and Jobs Act for 2017: the loss of itemized miscellaneous deductions for employees. The IRS issues Publication 529 as a guide outlining what is deductible—and what’s not—under current tax regulations.
We like to remind our clients that tax laws are always subject to change. And likewise, personal situations may change during the course of the year that will affect your returns the following April. For instance, perhaps you started a new job this year that requires you to pay union dues, or work from home. Except for a very few specific categories of employment, employee deductions for everything from uniforms to meals and mileage has been disallowed. Be sure to check with your employer to see which, if any, out-of-pocket expenses you can expect reimbursement for before you make any purchases related to your job. And either way, remember to keep your receipts!