Hi all - I’m getting hammered by the cap on job related expenses in my itemized deductions this year.
I understand if I’m classified as a sole proprietorship, I can still itemize. My question is, is hat worth it for my situation, and if so, which version of TurboTax do I need? (I purchased the deluxe version because that’s what I’ve always used in the past.)
We are musicians with day jobs: were in CA, Married (filing jointly, although not opppsed to individual filing if it’s better), one child, w2 income in the 80k range, and 1099 income in the 30k range from performing in 2018.
In the past he jo related expenses deduction has really saved us, we do have lots of them due to the nature of our work. I understand that there’s a cap on that this year of 2% of your AGI. Is there any way to reclassify ourselves to avoid this and be able to take the deductions? Sole proprietorship?
Thanks!!
