My job related expenses consist of a portion of my rent and utilities (I work from home), internet service, cell phone plan, and insurance. I thought these would be deducted from my taxes and refunded?
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Job related expenses are a reduction of taxable income (not a dollar for dollar increase in your refund) if deductible.
Job related expense is a miscellaneous deduction which you can only deduct if you itemize your deductions (medical, mortgage interest, property taxes, charitable deductions, ect) and if the total of your miscellaneous expenses (including employee business expenses) are greater than 2% of your Adjusted Gross Income.
So, you may not gain a tax benefit (or you may gain a limited tax benefit) for this deduction due to the above limitations.
For example, if you itemize your deductions and your Adjusted Gross income is $50,000, 2% would equal $1,000.
You can only deduct the dollar amount that exceeds $1,000.
Job related expenses are a reduction of taxable income (not a dollar for dollar increase in your refund) if deductible.
Job related expense is a miscellaneous deduction which you can only deduct if you itemize your deductions (medical, mortgage interest, property taxes, charitable deductions, ect) and if the total of your miscellaneous expenses (including employee business expenses) are greater than 2% of your Adjusted Gross Income.
So, you may not gain a tax benefit (or you may gain a limited tax benefit) for this deduction due to the above limitations.
For example, if you itemize your deductions and your Adjusted Gross income is $50,000, 2% would equal $1,000.
You can only deduct the dollar amount that exceeds $1,000.
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