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Income & Expenses

What do I do about all the money I spend on my W2 job?

Just because you get a paycheck doesn't mean you don't end up having to pay for expenses for your W2 job, especially if you end up working lots of W2 jobs in the year. What's the deal with all they money, can it be claimed as an expense?

Updated 4 days ago

The quick answer at the federal level is that the 2017 Tax Cuts and Jobs Act changed a lot of things about the tax code, and one of the biggest changes for folks who work jobs where you get a regular paycheck (W2 jobs) is that, generally speaking, those folks can no longer take unreimbursed expenses tied to the W2 job.

Like most things with taxes, there are some exceptions to this, but in the vast majority of cases, if you only work W2 jobs, then you won't be able to claim expenses tied to that job.

Unfortunately this also goes for working from home, which many more people are doing on a regular basis these days, no matter how they get paid.

However... 

Some states, like California and New York, still allow Unreimbursed Employee Expenses for those with W2 jobs. As always, there's some caveats here, and this likely won't make a difference on your taxes unless those expenses are over $5,000. But if you have significant expenses related to W-2 work, download and fill out this PDF and upload the completed form to the site in the uploads section for your tax appointment.

This is definitely an area where it helps to have a pro assist to make sure you take advantage of everything available to you, and to make sure there’s nothing extra that might cause trouble in the future.

Everyone’s situation is unique, making an account on www.BrassTaxes.com and booking an appointment will ensure you have the best return possible!

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