Employees who incur job-related expenses can deduct some of those costs on their federal tax returns, at least through the 2017 tax year. When the Tax Cuts and Jobs Act was signed into law in December 2017, it sounded a temporary death knell for a good many itemized deductions.

When do I have to file my 2019 tax return?

Once you finish preparing your prior year returns, mail them to the IRS. It takes a few weeks for your returns to be processed. Most people with old tax returns have a refund waiting. File now to claim your refund before it expires. The deadline may have passed, but you still have a chance to file your 2019 taxes.

When do I need to file my 2015 tax return?

The IRS is no longer processing refunds for 2015. You must have filed your return within 3 years of the return due date to claim a refund. Already started a return? Sign in or Print return

Are there any new tax deductions for business expenses?

The major change in business expense deductions in the tax law is the elimination of entertainment expenses, effective with the 2018 tax year. No more deductions for taking a client to a sporting event, concert, or resort. Meal expenses are still deductible, with some changes.

When to use a holdback on a purchase?

The buyer will use the holdback as protection against any accounting changes from the estimated working capital at close against the actual, final accounting working capital. If the working capital is below the threshold at this point, the holdback protects the buyer as any difference would be subtracted from the repayment of the holdback.

Are there limits on deductions for business meals?

The deduction limit on meals is discussed in chapter 2 of IRS Publication 535 – Business Expenses. If the expenses aren’t considered to be de minimis, they are subject to the 50% rule. Some meal and entertainment expenses may be fully deducted. That is, your deduction doesn’t have to be limited to 50% on these activities: