Most people think that if you are employed by someone, you do not qualify for any deduction. This is not entirely true. While many of the things that a real business owner can cancel do not apply to you, there are still several concessions that you can take advantage of.
Professional organization fees
If you are part of a club or organization related to the business in any way, you can deduct membership dues and expenses.
supplies
Any pen, stapler, calculator, paper, keyboard, or software you purchase is deductible.
educational articles
Did you attend any course or seminar? Did you attend any specialized training? Any event that adds to your knowledge and experience may be cancelled.
gifts
If you give a business associate a gift, you can write it off up to $25 for each item.
office decoration
Anything you buy for office celebrations like Christmas or Halloween can be deducted on your taxes.
food and entertainment
You discount 50% of the total cost of a business or entertainment lunch. If you and your college go out and have a business conversation, then it’s deductible. However, DO NOT go crazy with this one. It has to be business related and you can’t deduct every time you go out to eat and mention something about work.
Transport
If you use your car for work, you can deduct expenses like fuel, maintenance, and repairs.
Do you have a second job? You are allowed to deduct the cost of traveling between your two jobs.
telephone
If you use your phone for business and have to call long distance, you can deduct it.
Ride
Do you do business trips? You can remove all YOUR expenses and again 50% of meals.
In order to deduct all of the items just mentioned, you will need to save and catalog all of your receipts. Keep them in a folder and give them to your tax preparation accountant when it’s time to do your taxes.