Tax Deductions for Managers
Are you responsible for managing operations of a business or organization? If you are paid as a manager, you'll be required to file taxes and report your total income to the IRS. If you have to pay taxes, you may be able to lighten your tax burden by claiming deductions on any expenses you incurred relating to your job as a manager. Since you're employed by another business, you'll have to claim deductions on a Schedule A, Itemized Deductions. To keep your return accurate, you should keep all receipts and documents related to your expenses.
Deductible expenses for managers include:
- Subscription fees for industry related publications
- Association of union dues
- Supplies and refreshments for meetings
- Office supplies
Educational costs can be deducted if they are for certain qualified classes. Generally, refresher courses, classes teaching new developments in the industry and vocational classes meet the requirements. Courses that qualify you for new work, or help you meet minimum requirements for your job are non-deductible.
