Throughout the year, I come across concerns that frequently affect individual taxpayers and their planning strategies. Often times, they ‘hear’ information from a friend or co-worker that is useful. Sometimes that information is inaccurate.
One area that has come up more than once is deductions related to work expenses not reimbursed, although eligible for reimbursement.
There are a number of factors to consider when determining if work expenses are deductible for tax purposes. However, here is a great article that demonstrates what can happen if a taxpayer does not consult a tax professional when taking a position on their income tax return.