I bought tools for my job and they are required.
2007-10-16 03:48:55 · 5 answers · asked by m s 1 in Business & Finance ➔ Taxes ➔ United States
Someone in government should really be able to answer this one.
2007-10-16 03:52:01 · answer #1 · answered by Mommiedearest 7 · 0⤊ 0⤋
There isn't a maximum. But if you are an employee, you can only deduct employee business expenses if you itemize, and only get a deduction for the expenses that are over 2% of your income.
2007-10-16 11:52:37 · answer #2 · answered by Judy 7 · 0⤊ 0⤋
You can deduct as much as you make, if your expenses are as much as your profits. In fact, you can deduct more than you make for a certain number of years before the IRS wants you to show a profit (things change so much it's best to check with a professional).
2007-10-16 10:52:00 · answer #3 · answered by Anonymous · 0⤊ 0⤋
There is no maximum. It's entirely possible to have your expenses exceed your income and show a loss as a result.
2007-10-16 11:13:02 · answer #4 · answered by Bostonian In MO 7 · 0⤊ 0⤋
I didn't know there was a maximum. Let H&R Block figure it out for you.
2007-10-16 10:51:57 · answer #5 · answered by Kaya 5 · 0⤊ 1⤋