If you paid a hefty sales tax on a big-ticket item like an engagement ring or a motorcycle, you could write this off.
A lot of trials were postponed in 2020 due to the pandemic, so perhaps you didn’t get called to jury duty, even though you were expecting to. If you were part of the rare few who did go, you can write off what you made as a juror. Most employers ask that you hand over your juror’s fees to them, and yet, you report those as income. If you gave your juror’s fees to your employer because they continued to pay your salary while you attended trial, you can write off those fees. And don’t forget to write off expenses incurred while on jury duty like parking, meals, or transportation.
This falls under the Lifetime Learning Credit and it covers up to 20 percent of your expenses on up to $10,000 for a maximum credit of $2,000 on further education. So if you took a class this year to boost your job skills, don’t forget to write off your class fees.
(Crain’s) — With the beginning of summer, New York entrepreneurs are beginning an annual ritual: planning their summer vacations in such a way as to make them tax-deductible. Despite what you might have heard from fellow business owners, you can’t deduct the cost of a trip to Cancún if you’re planted under a beach umbrella […]