Being a sales representative can be tough work, but there are plenty of breaks and deductions you can take during tax time to make up for it. Here, we’ll run down some of the most basic deductions a sales representative might be able to claim.
- Travel expenses. If you travel between business locations or between home and temporary work locations, your miles could be deductible. However, this doesn’t extend to your standard commute to work. Also, if you travel out of town and spend the night away from your home region, you may qualify for expense deductions for meals, lodging, transportation, and more.
- Continuing education. If you’re required to take classes that improve your skills in your sales profession in order to keep your job, those can be deductible. You can’t deduct the cost of classes that are a minimum requirement for your job, however.
- Equipment and supplies. Certain equipment and supplies can be deducted if they are necessary for your job and your employer doesn’t reimburse you for them. If you purchase something that’s expected to last longer than one year and costs more than $100, keep special records.
- A second phone line. If you have a second phone line installed for your business, you can deduct the costs of the equipment and service. As long as the line is used exclusively for business calls, it’s eligible for deduction.
- Professional fees. If you pay dues to a union, trade association, professional organization, board, or civic organization (among other), those dues are deductible. Organizations that exist for recreation and socialization are, however, not eligible.
These and many other deductions are available for sales representatives, provided there is proper documentation for every expense.
If you have any questions or need help preparing your taxes, don’t hesitate to call Taxation Solutions, Inc. in Cincinnati. We are more than happy to offer our advice and services.