Tax Deductions

[CantAffordMAC]

Hey everyone. This is a quick question, but I'm wondering what you can actually use as a tax deduction. Like some people who have businesses can save receipts from dinners/pizza, etc for tax purposes. Maybe people who work in the beauty industry can save receipts from makeup or hair products for tax purposes?

Basically my question is: How do you know what you can buy and then later use receipts for tax deductions? Does that even make sense or am I not getting something? As an average employee, can I buy anything in relation to my career and later use the receipts for tax purposes? Can someone explain this to me? lol thanks!

 

[COBI]

Disclaimer: This information is all very general:
First, do you itemize on your taxes or take the standard deduction? If you are an "average employee" and take the standard deduction, it is unlikely you will be able to deduct anything. If you do itemize, then you can generally deduct items that are specifically *required* by and *not* reimbursed by your employer. For example, if your employer provides brushes, you can't legimately deduct for brushes you buy for your own use. (This isn't to say that people don't deduct them anyway.) If your employer requires you to provide your own brushes, then you can deduct them (if you itemize.) If makeup-related items are the only deductions you would have, it is unlikely (in most cases) to be enough of a dollar value to be better for you than the standard deduction. You would need thousands of dollars in deductible-expenses and even that can have a limit versus your total income.

If you ever go freelance or work as an independent MUA, then you can save the receipts for things you specifically use in your work (that aren't directly reimbursed by the client.) As an independent artist, you would be filing a schedule C for self-employment, and this is where you would list income and expenses related to your self-employment job.

In most cases, you can not purchase items now and deduct them years from now.

HTH and that others offer more (and perhaps clearer) help.