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Deductions & credits
I agree with Carl, negotiate with your employer to pay for the expenses under an Accountable Plan. You can even accept a lower amount of pay in exchange for the employer paying for things, and BOTH you and the employer will save taxes.
For example, let's say your regular pay is $50,000 and the cost of apartment and food is $10,000. You could negotiate with your employer to pay you $40,000 PLUS reimburse that $10,000 of expenses under an Accountable Plan. The net result will sort-of be the same for both you and your employer (the employer pays $50,000 and you receive $50,000), BUT you will BOTH save taxes.
As a side note, if you are unable to negotiate that with your employer, your State MIGHT still allow the deduction (but it is usually subject to restrictions and limitations).
For example, let's say your regular pay is $50,000 and the cost of apartment and food is $10,000. You could negotiate with your employer to pay you $40,000 PLUS reimburse that $10,000 of expenses under an Accountable Plan. The net result will sort-of be the same for both you and your employer (the employer pays $50,000 and you receive $50,000), BUT you will BOTH save taxes.
As a side note, if you are unable to negotiate that with your employer, your State MIGHT still allow the deduction (but it is usually subject to restrictions and limitations).
‎June 3, 2019
5:04 PM