My boss is wanting me to pay for my computer while the startup check is clearing. Can a screenshot be used to get your reimbursement on that?
Why are you posting on this TurboTax user community forum for a reimbursement of a computer purchase from your employer?
If you are an employee then you are not eligible for deducting any employee business expenses due to the tax code changes in effect for tax years 2018 thru 2025.
What? Reimbursement? Reimbursement from where? You do not get "reimbursed" for anything on a tax return, although some things might be eligible for a deduction or a credit.
No. If you are a W-2 employee you cannot deduct job-related expenses on a federal tax return
Also this was the only place I could really think of, hope didn't offend anyone
No offense here...We are just trying to figure out what you are asking and why.
If you have a "Boss" then that indicates you are an employee that is paid by your boss on a regular basis for the work performed at their direction. As an employee you are not eligible for any employee business expenses on a federal tax return.
However, if you are an independent contractor or sole proprietor for your own business and perform a service from time to time for someone else, your business expenses are deductible on a federal tax return.
Ok ... if you are a 1099 subcontractor you do NOT have a boss ... you have a client and you are self employed and you cannot take a deduction for something you have not yet purchased.
If you are new to being self employed, are not incorporated or in a partnership and are acting as your own bookkeeper and tax preparer you need to get educated ....
If you have net self employment income of $400 or more you have to file a schedule C in your personal 1040 return for self employment business income. You may get a 1099-Misc for some of your income but you need to report all your income. So you need to keep your own good records. Here is some reading material……
IRS information on Self Employment….
Publication 334, Tax Guide for Small Business
Publication 535 Business Expenses
Publication 463 Travel, Gift, and Car Expenses
Home Office Expenses … Business Use of the Home
Publication 946 … Depreciation
There is also QuickBooks Self Employment bundle you can check out which includes one Turbo Tax Self Employed return and will help you keep up in your bookkeeping all year along with calculating the estimated payments needed ....
Self Employment tax (Scheduled SE) is generated if a person has $400 or more of net profit from self-employment on Schedule C. You pay 15.3% for 2017 SE tax on 92.35% of your Net Profit greater than $400. The 15.3% self employed SE Tax is to pay both the employer part and employee part of Social Security and Medicare. So you get social security credit for it when you retire. You do get to take off the 50% ER portion of the SE tax as an adjustment on line 27 of the 1040. The SE tax is already included in your tax due or reduced your refund. It is on the 1040 line 57. The SE tax is in addition to your regular income tax on the net profit.
For SE self employment tax - if you have a net profit (after expenses) of $400 or more you will pay 15.3% for 2017 SE Tax on 92.35% of your net profit in addition to your regular income tax on it. So if you have other income like W2 income your extra business income might put you into a higher tax bracket.
You must make quarterly estimated tax payments for the current tax year (or next year) if both of the following apply:
- 1. You expect to owe at least $1,000 in tax for the current tax year, after subtracting your withholding and credits.
- 2. You expect your withholding and credits to be less than the smaller of:
90% of the tax to be shown on your current year’s tax return, or
100% of the tax shown on your prior year’s tax return. (Your prior year tax return must cover all 12 months.)
To prepare estimates for next year, You can just type W4 in the search box at the top of your return , click on Find. Then Click on Jump To and it will take you to the estimated tax payments section. Say no to changing your W-4 and the next screen will start the estimated taxes section.
OR Go to….
Federal Taxes or Personal (H&B version)
Other Tax Situations
Other Tax Forms
Form W-4 and Estimated Taxes - Click the Start or Update button
Thank you and I apologize for being vague. I was contacted to work for this company as a Virtual assistant and they are paying for the office equipment. They want me to carry the expense until the check clears which it has but the bank has a 5-day hold on it. They said I would get reimbursed from the company but the receipt would be a screenshot of the cash app.
Okay it sounds like you are working for someone as an independent contractor ("....1099....") and will not receive a W-2, but more likely a 1099Misc or 1099NEC. So if you have expenses you have to enter them on a form called a Schedule C.
If you are so new at this that you do not understand, you need to learn fast. If you are not getting a W-2 that means that the "boss" is not withholding federal or state tax or Social Security or Medicare from your wages--and you will be paying all that yourself at tax time. If you are not receiving a W-2 you are not really an employee--you are an independent contractor. The IRS considers you to be self-employed.
RUN AWAY !!!!! FAST !!!!!! HOW LOUD CAN I SAY SCAM !!!!!!
Do not cash the check and whatever you do do NOT !!!!!!!!!!!!!!! send them any money ... this is one of the oldest fake check floating scams in the world. In a couple of weeks your bank will find out the check is fake and you will be on the hook for the money.
Yes, I will receive a w-2 and their accountant said I will get reimbursed.
Do NOT pay for this with your own funds. If the check clears????, then you can pay with the their funds.
If you are being pressured to pay, then get out of this situation immediately as this sure sounds like a Scam.