Tax deductions for business professionals and office workers is a relatively broad topic since a great variety of job positions fall under the same umbrella. Hence, in order to make it simple and easy for you, Syndeo Accountants has come up with the following comprehensive guide on tax deductions for business professionals and office workers.
Read on and let the experienced accountants from Syndeo Group provide financial assistance and tell you what you can claim in this year’s deductions. Now, let’s have a look at the list of most common items business professionals and office workers can include in their tax deductions.
1. Travel and Car Expenses
If you travel for work-related purposes including meeting colleagues or clients, traveling between offices, or anything else that has to do with work, you are eligible to claim deductions for such expenses. Also, note that this applies to both commercial or public transport or using your own car, but it doesn’t include your commute to and from work.
But, in order to claim these expenses and get deductions, you will also have to follow certain procedures. For example, if you want to claim deductions for using your own vehicle, you have to keep records of the number of kilometres in a logbook for at least 12 weeks. And, you should also keep records of all the receipts that relate to travel expenses like fuel, tires, services, etc.
Here are some other travel expenses you can claim for tax deductions:
- Bus and train tickets
- Taxi and hire car expenses
- Plane flights costs
- Road and bridge tolls
2. Work-Related Tools and Equipment
Business professionals and office workers usually need certain gadgets like laptops, tablets, mobile phones, and other items like notebooks, diaries, bags or cases. Also, depending on the nature of your job, you may also need to buy some software licenses or stock images. Luckily, you have the right to add all of these to your tax deductions.
Other tax-deductible items for business professionals and office workers are:
- Computer accessories like keyboards, mouse, mouse pads, adapters, batteries, USB flash drives, headphones, cables and connectors, etc.
- Personal phone expenses (work-related only)
- Repair costs for work-related gadgets and computer accessories
- Insurance premiums for work-related tools
3. Self-Education and Development Expenses
If you want to make your way and move forward in your career, you should definitely focus on gaining additional specialised knowledge needed for your work. And, fortunately, you can also claim self-education and development expenses on your tax return. Pretty amazing, right?
But, which self-education and development expenses exactly you can include in your deductions claim? Namely, everything that has to do with staying ahead in your career like fees for attending conferences and networking events, training courses, workshops, seminars, etc.
Other self-education tax deductions for business professionals and office workers apart from the fees include:
- Course books and manuals
- Tools and equipment needed for the course
- Travel, internet, and phone costs
- Accommodation and meals expenses
4. Other Tax Deductions
If you are an office worker or a business professional you are also eligible to claim the following tax deductions:
- home office running expenses
- professional association fees
- work-related magazines subscriptions
- income protection premiums
- tax agent fees
And, if you have any questions about tax deductions applicable to your field of work, don’t hesitate and contact Syndeo Group today! Its experienced accountants will help you get the most out of this year’s tax deductions.