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Message
Question about deductions
Posted on 3/18/15 at 4:44 pm
Posted on 3/18/15 at 4:44 pm
My company requires me to be on standby throughout the year but I have to provide my own means of communication. Can I deduct my personal cell phone as a work expense?
Mainly asking because one guy says he does every year but he's the only one. Trying to see if I'm missing out on deductions or if he'll be screwed if audited.
Mainly asking because one guy says he does every year but he's the only one. Trying to see if I'm missing out on deductions or if he'll be screwed if audited.
This post was edited on 3/18/15 at 5:09 pm
1
Posted on 3/18/15 at 5:19 pm to jmh5724
I would not do the whole thing, but a portion sure, provided you do actually take work calls on it.
If you are a W-2 employee, it would be a miscellaneous itemized deduction subject to the 2 percent of AGI rule.
If you are a W-2 employee, it would be a miscellaneous itemized deduction subject to the 2 percent of AGI rule.
Posted on 3/18/15 at 5:24 pm to LSUFanHouston
quote:
2 percent of the AGI rule
Can you explain what this is? My wife and I are on the same plan so I know I couldn't deduct the entire plan.
Posted on 3/18/15 at 6:48 pm to jmh5724
If you itemize, certain deductions are only deductible when combined to the extent they exceed 2 percent of adjusted gross income.
Example, you itemize, your adjusted gross income is $100,000. Items that are considered miscellaneous deductions subject to the 2 percent rule are only deductible to the extent they exceed $2,000. Some examples are unreimbursed employee expenses, tax prep fees, and investment fees.
I would not deduct the entire plan. If you share with your wife, I would take half the cost of the plan, and of that half, take a percentage. So if you think you use the phone 75 percent for business, I would take 75 percent of half of the bill.
Also, if you are subject to AMT, you can't do this.
Example, you itemize, your adjusted gross income is $100,000. Items that are considered miscellaneous deductions subject to the 2 percent rule are only deductible to the extent they exceed $2,000. Some examples are unreimbursed employee expenses, tax prep fees, and investment fees.
I would not deduct the entire plan. If you share with your wife, I would take half the cost of the plan, and of that half, take a percentage. So if you think you use the phone 75 percent for business, I would take 75 percent of half of the bill.
Also, if you are subject to AMT, you can't do this.
Posted on 3/18/15 at 7:02 pm to LSUFanHouston
My total plan doesnt break 2% of my AGI so I'll stay away and let him deal with the IRS. Thanks for the help
Posted on 3/18/15 at 7:11 pm to jmh5724
Chances are he probably gives cell phone info to CPA or enters it in turbotax but it doesn't affect his return
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