Kentucky Information Sheet - When are Entertainment Expenses Deductible and Reimbursable
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FAQ
Non-residents who earn income in Kentucky use the KY form 765 to report their income. This form helps non-residents systematically report their earnings from Kentucky sources and calculate any tax due on that income. Refer to the Kentucky Information Sheet - When are Entertainment Expenses Deductible and Reimbursable to understand how entertainment expenses might affect your reporting.
In general, you can deduct qualified, unreimbursed medical expenses that are more than 7.5% of your adjusted gross income for the tax year. (How it works.) You may deduct up to $10,000 ($5,000 if married filing separately) for a combination of property taxes and either state and local income taxes or sales taxes.
Which Deductions Can Be Itemized?Unreimbursed medical and dental expenses.Long-term care premiums.Home mortgage and home-equity loan (or line of credit) interest.Home-equity loan or line of credit interest.Taxes paid.Charitable donations.Casualty and theft losses.More items...
According to CRA guidelines, food, beverages and entertainment expenses have a limit of what can be claimed, which is 50% of either the amount spent, or the portion of your expenditure that is considered reasonable, whichever is less.
Answer. In short, no. But that's provided your employer completes the pay stub accurately as part of their expense reimbursement process. If they incorrectly lump the reimbursed amount with your wages, it's taxed.
For tax returns filed in 2022, taxpayers can deduct qualified, unreimbursed medical expenses that are more than 7.5% of their 2021 adjusted gross income. So if your adjusted gross income is $40,000, anything beyond the first $3,000 of medical bills or 7.5% of your AGI could be deductible.
Common expenses for running a business for which you can take a deduction include advertising, employee benefits, insurance, legal and professional services, telephone and utilities, rent, office supplies, wages, dues to professional associations, and subscriptions to business publications.
Criteria for Allowable DeductionsThe Expense Must be Business-Related.It Must be Presented with Supporting Documents.It Must not be Illegal, Immoral, and not Against Policy and Order.The Amount Deducted Must be Reasonable.Withholding Taxes Must Have been Paid.
The responsibility to prove entries, deductions, and statements made on your tax returns is known as the burden of proof. You must be able to prove (substantiate) certain elements of expenses to deduct them.
The 2018 Tax Cuts and Jobs Act brought a few big changes to meals and entertainment deductions. The biggest one: entertainment expenses are no longer deudctible.
