2010_CCH_Essentials_Chapter_06

2010_CCH_Essentials_Chapter_06 - CCH Essentials of Federal...

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Chapter 6 Other Itemized Deductions ©2009 CCH. All Rights Reserved. 4025 West Peterson Ave. Chicago, IL 60646-6085 www.CCHGroup.com CCH Essentials of Federal Income Taxation
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CCH Essentials of Federal Income Taxation 2 of 16 Job Expenses and Most Other Miscellaneous Deductions Schedule A allows for two types of miscellaneous deductions. One type is subject to a 2% floor; the other is not. Chapter 6
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CCH Essentials of Federal Income Taxation 3 of 16 Accountable Reimbursement Plans Employees must account for (substantiate) their expenses to the employer, and Employees must return any reimbursement in excess of the substantiated expenses covered under the arrangement Accountable reimbursement plans must provide for each of the following requirements: Chapter 6
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CCH Essentials of Federal Income Taxation 4 of 16 Business Expense Records Amount Date Place Business purpose Business relationship Identity of individuals Employee business expense records must include six elements: Chapter 6
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CCH Essentials of Federal Income Taxation 5 of 16 Unreimbursed Expenses Vehicle(s) used for business Parking fees, tolls, and local transportation Travel while away from home, including lodging, airfare, car rental, etc. Other business expenses not included elsewhere on Form 2106 Meals and entertainment Unreimbursed employee business expenses reported on Form 2106: Chapter 6
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CCH Essentials of Federal Income Taxation 6 of 16 Other Business Expenses Reported
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This note was uploaded on 12/02/2010 for the course ECAC 330 taught by Professor Richardcole during the Spring '10 term at UMBC.

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2010_CCH_Essentials_Chapter_06 - CCH Essentials of Federal...

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