26

No. Regular W2 employees cannot deduct housing or transportation costs related to their employment. However, in the US, many employers offer Parking and/or Transit FSA programs which are usually collectively referred to a Commuter Benefits FSA programs, this is particularly common among larger employers with locations in major metropolitan cities. Under ...


21

There's an annual contribution limit, for 2019 it is $3,500 single/$7,000 family. Otherwise, it's fine to match future contributions to prior or planned qualifying expenses so long as the account was established before the expenses were incurred. There is no deadline for reimbursement, so if you have the procedure done now and pay out of pocket, you can ...


11

Your premise is incorrect: I believe if they were US based contractors I would need to send them a form to do my own deduction. If it is a legitimate business expense, you can deduct it regardless of whether or not they are US or foreign workers. You only need to send the 1099 form to the IRS and US workers (or foreigners performing work in the US) that ...


9

I think you are confused about what the IRS considers a business or not. The IRS has written on this issue regarding a person who makes investments for a living with Topic No. 429 Traders in Securities (Information for Form 1040 Filers) which classifies individuals as: Investors, Traders, and Dealers. Skipping Dealers as they have obvious customers, So an ...


8

Assuming you are in the US, based on some things you have said. If you were self-employed, then expensing books related to your business is a no-brainer and would not cause you any problems with the IRS. As an employee, before 2018 you could deduct "unreimbursed employee expenses" as long as they were normal and "necessary" subject to a few restrictions. I ...


7

You cannot deduct expenses directly. However, your employer may participate in programs to allow you to make a pretax deduction capped at $255 per month to pay for certain commuting expenses. For personal car commuters the main category is to pay for parking. IRS guidelines Qualified Transportation Benefits This exclusion applies to the ...


6

There is no simple rule like "you can/can't spend more/less than $X per person." Instead there is a reasonableness test. There is such a thing as an audit of just your travel and entertainment expenses - I know because I've had one for my Ontario corporation. I've deducted company Christmas parties, and going-away dinners for departing employees, without ...


5

Your intuition, as you suspected, is wrong in this case. ...when are wages not immediately expensable? When the wages are used for construction of a new capital asset. Generally, labor for new construction is capitalized. Here's an excerpt from page 3 of IRS Pub 551: Basis of Assets: More references here, here, and here.


5

You best bet would be to call Peapod or American Express. I would start with Peapod. On your CC statement it says what category your payment was in like in the example below.


5

In addition to other answers: you do not have to pay for medical service in full in one lump sum. Often medical service providers agree on an interest-free installment plan with small monthly payments. And you can pay the installments from your HSA while pumping funds in there every paycheck. There is a yearly limit to how much one can contribute into HSA. ...


4

There are certain situations where you could legally pay yourself rent, but it'd be in the context of multiple business entities interacting, never in the context of an individual renting their own property. Even if you could, any rent paid to yourself would count as rental income, so there'd be no benefit. Edit: I was hunting for examples where it might ...


4

A single member llc is a tax nothing, a disregarded entity that does not affect tax filing unless you elect to pay entity/corporate tax. It will not alter your status or increase your reach. The rules to deduct expenses stem from IRC §212 and Reg §1.212-1, and are partially explained in Pub 550 and Pub 535. The llc will get these deductions if you check ...


4

If you want to be extra sure, get them to sign a W8-BEN form and keep it on file. I have talked to the IRS about this, and they agreed it's generally unnecessary when dealing with a corporation but interpretations may vary. It is a certification by the foreign supplier that: Otherwise, conceivably, you could be dinged for withholding tax. It should be a ...


4

Strictly speaking, business gifts are limited to a deduction of $25 per person per year, though shipping can be tacked on top of that. So, $50 in chocolates for a team would be $10 per person - fully deductible. $100 bottle plus $20 shipping each would be $25+20 = $45 deductible each per person. Note that #1 is a little more gray in that it isn't ...


3

You should check with your employer to see if contibuting evenly through the year would maximize the employer match to your contribution. If that is the case, next year then you will have both reduced your taxable income and gotten a little bit more from the employer match. The first reply post sounds right, check your contribution limit maximums. Another ...


3

Yes, there is a way to do this. You can take money out of the HSA to reimburse you for anything that you have paid out of pocket on health care that your insurance has not reimbursed you for. Yes, you have been told that a year from now your insurance will pay you that last 25%, but at this point it is just a promise. As you said, there could be any ...


3

I agree with Charles and Hart in the comments that the size of the investment does matter, especially because you have no expected return on investment. Meaning, as you have no "followers" now, it is unlikely that buying a Tesla will result in automatic fame or notoriety. I would say that you cannot expense a vehicle to start a blog about that vehicle. The ...


3

You can find a general list of many common types of expenses and whether they are covered by an FSA here. Please note that this is general information that can be changed at any time, and may not be up to date with current IRS information. Ideally, you could call your employer or insurance company and they could provide you with the most up to date materials....


3

Yes, copays and costs associated with vaccinations are qualified medical expenses under HSA guidelines. Receiving a vaccine is a service, not a prescription drug. You don't take the vaccine home with you. You can include in medical expenses amounts you pay for prescribed medicines and drugs. A prescribed drug is one that requires a prescription by a ...


3

I'm not sure what you mean by "writing off your time," but to answer your questions: Remember that, essentially, you are a salaried employee of a corporation. So if you are spending time at your job, even if you are not billing anything to a client, you are earning your salary. If there are costs involved with these activities (maybe class fees, a book ...


2

Can I work on 1099 from my own company instead of on W2? The reason is on W2 I can't deduct my commute, Health Insurance and some other expenses while on 1099 I think I can able do that. Since I am going to client place to work not at my own office, I am not sure whether I should able to do that or not. If you have LLC, unless you elected to tax it ...


2

You cannot deduct commute expenses. Regarding your specific example, something to consider is that if the standard of living is higher in San Francisco, presumably the wages are higher too. Therefore, you must make a choice to trade "time and some money for commuting costs" for "even more money" in the form of higher wages. For example, if you can make $50K ...


2

I will answer #2. Have you looked into renting a room? Being that you will pretty much be sleeping/working, this might be the best choice. You can rent a furnished room, probably, for the cost of about 5 nights in a decent hotel. It is hard to beat a ~42% discount. You may be able to lower the cost of the rental being that you will only be there about ...


2

You may be able to deduct some of it. However, it is limited to the portion of the apartment that is used exclusively for work. https://www.irs.gov/businesses/small-businesses-self-employed/home-office-deduction


1

In 2018, the federal standard deduction for single filers is $12,000. It seems likely that your itemized deductions would not exceed this and so you do not need to be concerned with itemizing. However, you may be eligible for above-the-line deductions such as student loan interest.


1

The meals, entertainment, and gifts were part of form 2106, which totaled, and then were deductible to the extent they exceeded 2% of MAGI. This isolated event isn’t going to total enough to be a deduction at all. In 2018, I don’t know if this deduction is even still in the code. Even a salesman who is always out with clients is likely not to have this ...


1

See chapter 11 of the IRS Publication 535, Business Expenses, especially the sections "Meals and Entertainment", and "Bribes and kickbacks"


1

The answer on the Canadian Government's website is pretty clear: Most employees cannot claim employment expenses. You cannot deduct the cost of travel to and from work, or other expenses, such as most tools and clothing. However, that is most likely related to a personal vehicle. There is a deduction related to Public Transportation: You can ...


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