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Started By
Message
W2 (100% commission) - non-reimbursable business expenses
Posted on 3/17/23 at 8:05 am
Posted on 3/17/23 at 8:05 am
Good morning all,
Was wondering how people who have W2 jobs, which are 100% commission based, (like RE agents, MLO’s, some comm. appraisers I know) go about handling non-reimbursable business expenses - like marketing, leads, meals, continuing education, licensing, coaching, etc). Everything I try to read up on essentially says 2018 tax reform took away personal business expense deductions.
Curious to hear from you (if this is you), or any body with experience, on how this is handled
In today’s tax setting.
Was wondering how people who have W2 jobs, which are 100% commission based, (like RE agents, MLO’s, some comm. appraisers I know) go about handling non-reimbursable business expenses - like marketing, leads, meals, continuing education, licensing, coaching, etc). Everything I try to read up on essentially says 2018 tax reform took away personal business expense deductions.
Curious to hear from you (if this is you), or any body with experience, on how this is handled
In today’s tax setting.
7
Posted on 3/17/23 at 8:11 am to Fbohn1
If they are directly related to the job, I’d go to HR/payroll and argue for getting reimbursement through the company and picking up in wages.
Either that or request to be 1099 so you can deduct.
Either that or request to be 1099 so you can deduct.
Posted on 3/17/23 at 8:30 am to Fbohn1
You either take standard deductions or itemize.
You can still itemize.
But with the current tax structure, it needs to be a lot of receipts for financial benefit.
Keep in mind that what you itemize will possibly be one of the red flags for a future audit.
You can still itemize.
But with the current tax structure, it needs to be a lot of receipts for financial benefit.
Keep in mind that what you itemize will possibly be one of the red flags for a future audit.
Posted on 3/17/23 at 9:11 am to Fbohn1
The two head scratchers for Trump were this change and no longer allowing entertainment for business expenses.
Posted on 3/17/23 at 9:17 am to Fbohn1
quote:
Was wondering how people who have W2 jobs, which are 100% commission based
Figured they'd be given a 1099, no?
Posted on 3/17/23 at 9:19 am to Fbohn1
quote:
I am fairly certain this is not accurate. Eliminated with the TCJA for tax years 2018-2025. Which is what prompted me to ask the question in the first place.
Correct, you can no longer itemize unreimbursed employee expenses for federal purposes. There are a few states out there that still allow you do this for state taxes. LA is not one of them.
Options:
1) Ask for reimbursement from the company, but my guess is they will say no.
2) Any chance you would be considered a statutory employee:
LINK
Posted on 3/17/23 at 9:21 am to lsu13lsu
quote:
The two head scratchers for Trump were this change and no longer allowing entertainment for business expenses.
One of the goals was simplification. Remember how many people would be able to file a postcard size tax return?
This was a move to force people off of Schedule A.
Entertainment was nixed becuase it was insanely, absuredly, increasingly abused and that made it an easy "pay-for" target.
Posted on 3/18/23 at 10:54 am to Fbohn1
Almost all Real Estate agents are 1099.
Posted on 3/18/23 at 11:10 am to Fbohn1
Ask company to create a business expense plan where a set dollar is debited pre tax from your paycheck each month and goes into a separate p&l account.
Request reimbursement from said BEP upon use of actual expenses.
By year end if not used then it’s gone.
Request reimbursement from said BEP upon use of actual expenses.
By year end if not used then it’s gone.
Posted on 3/19/23 at 9:51 am to Fbohn1
Schedule C
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