1. Welcome to Tacoma World!

    You are currently viewing as a guest! To get full-access, you need to register for a FREE account.

    As a registered member, you’ll be able to:
    • Participate in all Tacoma discussion topics
    • Communicate privately with other Tacoma owners from around the world
    • Post your own photos in our Members Gallery
    • Access all special features of the site

Ask an Accountant Q&A

Discussion in 'North East' started by Sub_Par, Feb 27, 2018.

  1. Feb 28, 2018 at 8:22 PM
    #21
    Dudeman86

    Dudeman86 Well-Known Member

    Joined:
    Jun 5, 2016
    Member:
    #188820
    Messages:
    659
    Gender:
    Male
    Scottsdale, AZ
    Vehicle:
    2016 Black DCLB OR
    Legit question here. I already filed, but was taking to a coworker today who said I can deduct the cost of setting up a home office. I work for a large employer, but they allow me to work from home. I bought a desk, monitors, and other equipment to set up my work space. Probably spent about $700. Is this deductible?
     
  2. Feb 28, 2018 at 8:30 PM
    #22
    DoubleRGirl

    DoubleRGirl Hello Kitty Edition

    Joined:
    Aug 7, 2010
    Member:
    #41372
    Messages:
    9,558
    Gender:
    Female
    First Name:
    Rebecca
    Boston
    Vehicle:
    2015 DCSB TRD Sport 6speed
    I work from home and itemize everything (electric, internet, heat, etc)
     
  3. Feb 28, 2018 at 8:31 PM
    #23
    Sub_Par

    Sub_Par [OP] Well-Known Member

    Joined:
    Nov 17, 2015
    Member:
    #169939
    Messages:
    3,560
    Gender:
    Male
    First Name:
    Steve
    Buffalo NY
    Vehicle:
    2018 DCSB TRDOR
    Stock
    Yes it is deductible if you are not offered reimbursement for those expenses. However if your expenses don’t exceed 2% of your income then you cannot use them. You also would need to itemize deductions and not use the standard deduction.
     
  4. Feb 28, 2018 at 8:32 PM
    #24
    Sub_Par

    Sub_Par [OP] Well-Known Member

    Joined:
    Nov 17, 2015
    Member:
    #169939
    Messages:
    3,560
    Gender:
    Male
    First Name:
    Steve
    Buffalo NY
    Vehicle:
    2018 DCSB TRDOR
    Stock
    Yes you can take a percentage of utilities, internet and cell phone if you use it for work.
     
  5. Feb 28, 2018 at 8:41 PM
    #25
    Rujack

    Rujack Well-Known Member

    Joined:
    Aug 16, 2016
    Member:
    #194732
    Messages:
    1,882
    Libertarian. Pulling my face off in Berkeley, CA
    Vehicle:
    2016 Tacoma TRD Off Road 6 speed manual
    So as long as I’m self employed I can still deduct mileage for 2018 ty?
     
  6. Feb 28, 2018 at 8:47 PM
    #26
    Sacrifice

    Sacrifice Motorcycle Goon

    Joined:
    Oct 8, 2013
    Member:
    #114093
    Messages:
    14,003
    Gender:
    Male
    First Name:
    Chris
    KS
    Vehicle:
    DCSB OR 4X4 LT
    Pelfreybilt Front Bumper,BAMF sliders, Airflow Snorkel,Mini D2S Retrofits, ADS Rear Shocks, Deaver U402 Leafsprings, 35s, AllPro +2LT
    @ChandlerDOOM
     
    ChandlerDOOM likes this.
  7. Feb 28, 2018 at 8:48 PM
    #27
    Sub_Par

    Sub_Par [OP] Well-Known Member

    Joined:
    Nov 17, 2015
    Member:
    #169939
    Messages:
    3,560
    Gender:
    Male
    First Name:
    Steve
    Buffalo NY
    Vehicle:
    2018 DCSB TRDOR
    Stock
    Correct.
     
  8. Feb 28, 2018 at 8:51 PM
    #28
    Rujack

    Rujack Well-Known Member

    Joined:
    Aug 16, 2016
    Member:
    #194732
    Messages:
    1,882
    Libertarian. Pulling my face off in Berkeley, CA
    Vehicle:
    2016 Tacoma TRD Off Road 6 speed manual
    Thanks for that, and thanks for this thread!
     
    Sub_Par [OP] likes this.
  9. Feb 28, 2018 at 8:52 PM
    #29
    Sub_Par

    Sub_Par [OP] Well-Known Member

    Joined:
    Nov 17, 2015
    Member:
    #169939
    Messages:
    3,560
    Gender:
    Male
    First Name:
    Steve
    Buffalo NY
    Vehicle:
    2018 DCSB TRDOR
    Stock
    No problem.
     
  10. Feb 28, 2018 at 8:57 PM
    #30
    TRD493

    TRD493 Well-Known Member

    Joined:
    Dec 27, 2015
    Member:
    #173269
    Messages:
    1,116
    Gender:
    Male
    First Name:
    Dave
    Texas (DFW)
    Vehicle:
    17 TRD Sport DCLB 4x4
    FN f/x Pro Wheels, C4Fab sliders, RCI Skids, ADS
    Looks like i'll be about the same then, not much change. I noticed my paycheck went up by almost $200 tho.
     
    Sub_Par [OP] likes this.
  11. Feb 28, 2018 at 8:59 PM
    #31
    Sub_Par

    Sub_Par [OP] Well-Known Member

    Joined:
    Nov 17, 2015
    Member:
    #169939
    Messages:
    3,560
    Gender:
    Male
    First Name:
    Steve
    Buffalo NY
    Vehicle:
    2018 DCSB TRDOR
    Stock
    For a lot of taxpayers it’s gonna be about the same as 2017. You pay on a little more income, but at a lower rate. Then if you have a child and get an extra 1000.00 from the child tax credit, it may get you a slightly higher return.
     
  12. Feb 28, 2018 at 8:59 PM
    #32
    ChandlerDOOM

    ChandlerDOOM International tent trafficker

    Joined:
    Nov 4, 2013
    Member:
    #115943
    Messages:
    3,837
    Gender:
    Male
    First Name:
    Chandler
    STL
    Vehicle:
    Truck
    37s yo
    Well fuck, hopefully my employer bumps up the mileage rate. 28c per mile currently so its something but always use the difference come tax time.
     
    DoubleRGirl likes this.
  13. Feb 28, 2018 at 9:01 PM
    #33
    Sub_Par

    Sub_Par [OP] Well-Known Member

    Joined:
    Nov 17, 2015
    Member:
    #169939
    Messages:
    3,560
    Gender:
    Male
    First Name:
    Steve
    Buffalo NY
    Vehicle:
    2018 DCSB TRDOR
    Stock
    this year it’s 53.5c a mile.
     
    ChandlerDOOM likes this.
  14. Feb 28, 2018 at 9:11 PM
    #34
    ChandlerDOOM

    ChandlerDOOM International tent trafficker

    Joined:
    Nov 4, 2013
    Member:
    #115943
    Messages:
    3,837
    Gender:
    Male
    First Name:
    Chandler
    STL
    Vehicle:
    Truck
    37s yo
    Yeah my employer pays the 28c, and I use the difference out of whatever the rate is for the year. But seeing that the MJF went up that it probably wont matter anyways since I typically claim roughly 60k mi/yr and with my 28c that I already get it would only work out to 15k anyways, which was good before I got married and the standard deduction was much lower. My mileage is still pretty much paid for with the 28c so thats good enough for me


    You mind if I send you a PM sometime?
     
  15. Feb 28, 2018 at 9:14 PM
    #35
    Sub_Par

    Sub_Par [OP] Well-Known Member

    Joined:
    Nov 17, 2015
    Member:
    #169939
    Messages:
    3,560
    Gender:
    Male
    First Name:
    Steve
    Buffalo NY
    Vehicle:
    2018 DCSB TRDOR
    Stock
    No I don’t mind.
     
  16. Feb 28, 2018 at 9:59 PM
    #36
    Juggernaut

    Juggernaut Captain

    Joined:
    Sep 21, 2009
    Member:
    #23111
    Messages:
    1,810
    Gender:
    Male
    Sacramento
    Vehicle:
    18 PreRunner TRD OffRoad DCSB
    So Union dues are tax deductible? Are there any limitations to that?
     
  17. Mar 1, 2018 at 5:48 AM
    #37
    Sub_Par

    Sub_Par [OP] Well-Known Member

    Joined:
    Nov 17, 2015
    Member:
    #169939
    Messages:
    3,560
    Gender:
    Male
    First Name:
    Steve
    Buffalo NY
    Vehicle:
    2018 DCSB TRDOR
    Stock
    For 2017 yes they are, it needs to be more than 2% of your Adjusted Gross Income and you need to itemize deductions.
     
  18. Mar 1, 2018 at 7:04 AM
    #38
    Juggernaut

    Juggernaut Captain

    Joined:
    Sep 21, 2009
    Member:
    #23111
    Messages:
    1,810
    Gender:
    Male
    Sacramento
    Vehicle:
    18 PreRunner TRD OffRoad DCSB
    Yeah it's closer to 0.2%. Glad I haven't been missing that deduction. I've always done my own taxes with turbo tax but in the back of my head wondered if I should pay someone one year just to see if I'm missing anything.
     
    Sub_Par [OP] likes this.
  19. Mar 1, 2018 at 1:45 PM
    #39
    Spare Parts

    Spare Parts Changed

    Joined:
    Sep 9, 2016
    Member:
    #196811
    Messages:
    9,036
    Southern Maine
    Vehicle:
    2017 MGM Sport DCSB V6 Manual
    I use tax act, have for about 10 years if not longer. I have always gone through every question the program will ask, and I learned a ton of stuff, but yet always wondered if there was some secret things only professional folks know.
     
  20. Mar 1, 2018 at 3:34 PM
    #40
    ChandlerDOOM

    ChandlerDOOM International tent trafficker

    Joined:
    Nov 4, 2013
    Member:
    #115943
    Messages:
    3,837
    Gender:
    Male
    First Name:
    Chandler
    STL
    Vehicle:
    Truck
    37s yo
    union dues are in turbotax, It should be under job expenses
     

Products Discussed in

To Top