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Are there any deductions that I can claim as a W-2 Employee? |
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Even though you receive a salary or hourly wage from your employer, does not prevent you from deducting certain expenses. Employees that incur certain expenses that are related to their current position can take an adjustment against their income, subject to a floor of 2% of their Adjusted Gross Income. Some of the expenses that can be deducted include travel expenses, meals and entertainment, tools, educational literature, professional fees, uniforms and uniform cleaning fees, home office deduction, license fees, occupational taxes and more. These expenses are reported on Schedule A of Form 1040. For more information on this deduction and its limitations, visit IRS Publication 529. |
