Tax day is April 17th this year and while you may have already filed your 2017 returns there are some changes for 2018. Omaha CPA Bob Berger says employees need to remember changes when it comes to business expenses.
Berger says, “All of those miscellaneous itemized deductions under the new tax laws are gone. Employees should talk to their employers about reimbursing some of those things they haven’t normally done like auto travel, business meals and business travel. If they had taken that normally themselves on their tax returns it may be worth talking to your employer and actually taking a cut in pay in order to have them reimburse those expenses because those expense reimbursements are not taxable to you so it would be a benefit to do that.
Berger says the new withholding rates also changed. They are refunding a bit more to workers but that may not be the best solution to taxpayers. He suggests going to the IRS website and walk through your withholding calculations. it doesn’t work file a new W-4 form to your employer to have them withhold additional amounts.
Berger says it is also worth your time to look into new tax laws regarding home equity and new health care savings account guidelines.