There is a common question amongst business owners of when you can deduct your clothing expenses from your taxes. There are a few circumstances where this is the case.
I'll start by discussing the clear instances where clothing deductions are allowed, such as uniforms that are directly related to your job and clothing that bears your company logo. However, there are also some grey areas surrounding clothing deductions that I'll highlight where it may be more challenging to determine eligibility.
And as per usual with me, I'll share my honest unfiltered opinion on using clothing deductions as part of your tax strategy.
What you’ll hear in this episode.
[2:00] The most obvious “yes” to when you can deduct your clothing
[2:35] Uniforms very specific to your job
[3:30] Clothing with your logo on it
[4:30] What are some of the grey areas for when your clothing could be deducted?
[6:30] My honest opinion on clothing deductions as part of your tax strategy.
Related Episodes:
How to Hire Your Kids to Generate Tax Free Wealth
Are GoFundMe Donations Deductible?
Resources:
* Find everything you need at https://www.keepwhatyouearn.com
* Questions about this episode? Text me!: https://my.community.com/shannonweinsteincpa
* Chat about this episode in the Keep What You Earn Community – http://keepwhatyouearn.circle.so/
* Hire us: https://www.fitnancialsolutions.com/accounting
* See how much you can save with an S Corp: https://www.keepwhatyouearn.com/keep-what-you-earn-s-corp-calculator
* Find me on IG https://www.instagram.com/shannonkweinstein/
* Meet me face-to-face on YouTube: https://www.youtube.com/channel/UCMlIuZsrllp1Uc_MlhriLvQ
* Featured in Yahoo Finance! Read more here: https://finance.yahoo.com/news/10-bookkeepers-accountants-watch-2021-113800161.html
The information contained in this podcast is intended for educational purposes only and is not individual tax advice. Please consult a qualified professional before implementing anything you learn.