Ref: HR 1, “Tax Cuts and Jobs Act”
NOW is the time to negotiate with your employer for 2018. If you are an employee tasked with paying many unreimbursed costs for your employer, work with the company to set up a qualified reimbursement plan.
GONE ARE:
- MILEAGE DEDUCTION
- BUSINESS MEALS DEDUCTION (i.e., entertaining customers)
- TRAVEL EXPENSE DEDUCTION INCLUDING PER-DIEM
- EMPLOYEE HOME OFFICE DEDUCTION
- ALL OTHER UNREIMBURSED DEDUCTIONS
Nearly all of these can be reimbursed by your employer. If so, the employer gets a deduction and you DON’T have reportable income. (Big exception… even the employer doesn’t get a business meals / entertainment deduction in 2018).
SELF EMPLOYED: The above DOESN’T apply to self employed. This change only applies to W2 employees who in 2017 and before took an itemized deduction for unreimbursed employee expenses. For self-employed, see our post dateed Jan 24, 2018.
