Follow Us: Google+
 
Bankrate.com

Advertisement
taxes

Don't you dare deduct these expenses!

Taxes » Tax Deductions » Don't You Dare Deduct These Expenses!

Don't deduct commuting costs, but ...

The cost of getting to and from your workplace is never deductible. Taking public transportation or driving to work is a personal expense, regardless of how far your home is from your office.

And no, you can't deduct commuting expenses even if you work during the commute.

But you might be able to deduct some commuting costs if you work at two places in one day, whether or not for the same employer. In this case, you can deduct the expense of getting from one workplace to the other.

You also can deduct some expenses related to other work-related travel, such as visits to clients (current and potential) and out-of-office business meetings.

If you're self-employed, these expenses would go on your Schedule C or C-EZ.

If you're an employee, travel costs must be claimed as unreimbursed business expenses. As such, your business and other miscellaneous itemized expenses must exceed 2 percent of your adjusted gross income.

Whatever your business travel situation, be sure to keep good records.

You also could encourage your employer to establish a commuter savings account program. This employee transportation fringe benefit lets workers use pretax dollars to purchase mass-transit passes and pay for parking near work.

advertisement

Show Bankrate's community sharing policy
            Connect with us
Overnight Averages
Product Rate +/- Last week
30 yr fixed
3.65%
3.65%
15 yr fixed
2.80%
2.78%
5/1 ARM
2.59%
2.60%
View rates in your area:
Product Rate +/- Last week
30K HELOC
5.21%
5.21%
30K Home Equity Loan
6.09%
6.11%
50K HELOC
4.76%
4.76%
View rates in your area:
Product Rate +/- Last week
36 Mo Used Car
2.88%
2.92%
48 Mo Used Car
2.92%
2.97%
48 Mo New Car
2.44%
2.45%
View rates in your area:
Product Yield +/- Last week
6 Mo CD
0.45%
0.41%
1 Yr CD
0.65%
0.65%
5 Yr CD
1.24%
1.22%
Compare rates:
Product Rate
Low Interest Cards 11.01%
Balance Transfer Cards 15.92%
All Variable 15.24%
Compare rates:  
advertisement
Most Read
  1. 8 eerie ghost towns
  2. Headlight requirements by state
  3. Nick Nolte's house for sale
  4. 6 tips for successful yard sale
  5. Social Security traps to avoid
  6. 7 sedans for the young at heart
  7. 10 cars for a midlife crisis
  8. Ali Landry's house for sale
  9. 7 Social Security benefits
  10. 5 car models that lose value
Looking for FREE tax advice?
From Federal and State tax law changes, to rates and tools, our expert advice will help you stay informed.
advertisement
The IRS faced a Ways and Means hearing on its handling of Tea Party tax-exempt applications. Now Senate Finance and House Oversigh
Partner Center
advertisement

Advertising Disclosure: Bankrate.com is an independent, advertising-supported comparison service. Bankrate may be compensated in exchange for featured placement of certain sponsored products and services, or your clicking on links posted on this website.