2006-07-10 09:48:43 · 4 answers · asked by Katie 1 in Business & Finance ➔ Taxes ➔ United States
You can not take business deductions on W-2 income (like toll money or anything like that) but if you also have a business (like making cat toys, say) and you have more deductible expenses than you can take from your business incoem, I think you can still take them (in a way taking them out of your W-2 income) if you seem what I am saying.
You made $10,000 last year - 9,000 in W-2, 1,000 in your new startup business (in which you incurred a loss because it cost you 5,000 to make the product). I think that you can still claim that 5,000 as a deductible busines expense, which will reduce your total taxable income to 5,000 in that year.
I hope this helps. Peace!
2006-07-10 10:24:11 · answer #1 · answered by carole 7 · 0⤊ 0⤋
there are a number of business expenses an employee can deduct under the right circumstances - tools, clothing, transportation, travel, etc.
2006-07-10 09:53:34 · answer #2 · answered by Norman 7 · 0⤊ 0⤋
You can itemize those deductions, but only if they total more than the standard deduction on your 1040. Such as Mileage or supplies, etc.
2006-07-10 09:52:50 · answer #3 · answered by Thrasher 5 · 0⤊ 0⤋
No, except for something that's required on the job that they make you buy, i.e. a uniform.
2006-07-10 09:52:37 · answer #4 · answered by Anonymous · 0⤊ 0⤋