<img height="1" width="1" style="display:none" src="https://www.facebook.com/tr?id=351166518341071&amp;ev=PageView&amp;noscript=1">

Taxes 103: Employee Expenses That Are No Longer Deductible

Jul 2, 2019 9:12:00 AM / by Lee Goudzwaard-Vaught posted in taxes, small business, employees

The Tax Cut and Jobs act really changed how deductions work. It's important to know how much those changes will affect you and your business. Here's another way taxes have changed recently:

Employee reimbursements, like commuting costs are gone

If you give your employees’ a reimbursement for their commute, this no longer is going to be able to be deducted at the end of the year. The same goes for entertainment expenses, so if you have a video game and ping pong room at your tech startup, you won’t be able to write that off either.

Even though you won’t get the write-off, most CPAs and accounting firms agree that it’s a bad idea to get rid of these policies. Anything you make up for in cost, you’ll lose in employee morale. Not worth it!

These are three big deductions going by the wayside in 2018 and beyond. Check in with your accounting firm to see what’s up with your taxes. That’s a discussion that needs to be ongoing throughout the year, so you’re not caught in March or April with a big unforeseen problem. 

If you don't have an accounting firm, maybe it's time to think about hiring one. We would love to sit down and talk with you about your business. 

Schedule a consultation

Lee Goudzwaard-Vaught

Written by Lee Goudzwaard-Vaught

Client Development Manager

Comments

WE MAKE YOUR ACCOUNTING AND PAYROLL EASY, 
SO YOU CAN FOCUS ON GROWING YOUR BUSINESS

MEET WITH AN ADVISOR