Cut expense in the Employee of the Month Voting

Aug 6th, 2022
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How to cut expense in the Employee of the Month Voting

4.6 out of 5
66 votes

GIVEN THE HIGHEST SECURITY CLEARANCE BY THE OBAMA ADMINISTRATION BUT THE NEWS DISLIKES TALKING ABOUT THAT. SAVING MONEY, WE ALL LIKE TO DO IT RIGHT? WE FEEL WE HAVE TO MAKE DRASTIC CHANGES IN OUR LIVES LIKE DOWNSIZE TO A SMALLER HOUSE OR BY A CHEAPER CAR. 8 ON YOUR SIDES PAUL MUELLER IS HERE TO SAY NOT SO. IT AINT SO. WE ARE ALL GUILTY OF OVERSPENDING AT LEAST ONCE IN A WHILE BUT WE HAVE TO MAKE SURE WE KEEP THAT SPENDING PATTERN UNDER CONTROL. HOW MUCH WE TALKING ABOUT? A LOT OF MONEY. YOU CAN SAVE MONEY EACH AND EVERY DAY AND IT CAN REALLY ADD UP. Reporter: WHO WOULDNT WANT TO SAY $550 A MONTH? OF COURSE YOU WOULD HOW DO YOU KEEP THIS FROM BLOWING A HOLE IN YOUR POCKET? FIRST STOP, THE COFFEE SHOP. AT BUDDY BREW IN TAMPA, A CUP OF JOE CAN REALLY SET YOU BACK. COFFEE I NEED SO I BUY IT. Reporter: DO YOU KEEP TRACK? NO. Reporter: PASSING ON THE COFFEE COULD SAVE $100 A MONTH. JANICE RICKETT OF TAMPA DOES LUNCH ONCE A WEEK AND DINNER TWICE A LITTLE -- TWICE A MONTH. IT MIGHT NOT SOU

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To claim a deduction for a work-related expense you must meet the 3 golden rules: You must have spent the money and you werent reimbursed. The expense must directly relate to earning your income. You must have a record to prove it (usually a receipt).
You can claim the expense through Capital Cost Allowance (CCA), which allows you to deduct the cost of the laptop over its lifespan (typically 5 years for computers). You can claim 50% of the annual CCA deduction since you use the laptop 50% for business.
You can deduct unreimbursed employee expenses only if you qualify as an Armed Forces reservist, a qualified performing artist, a fee-basis state or local government official, or an employee with impairment-related work expenses.
Include your clothing costs with your other miscellaneous itemized deductions on the Schedule A attachment to your tax return. Work clothes are among the miscellaneous deductions that are only deductible to the extent the total exceeds 2 percent of your adjusted gross income.
Instead of submitting the T2200 form, youll have to document all your deductible expenses on Form T777, Statement of Employment Expenses to calculate your total expenses on your tax return.
In the case of an individual, the miscellaneous itemized deductions for any taxable year shall be allowed only to the extent that the aggregate of such deductions exceeds 2 percent of adjusted gross income.
For employees (general) If you qualify for an employee business expense deduction, youll file Form 2106 with your personal tax return. This form will ask you to enter the total amount of unreimbursed business expenses paid out of pocket and will also ask for any portion that your employer already reimbursed.
Employee salaries All of your employees wages are also considered fully deductible, including any bonuses and commissions, as long as the payments are deemed ordinary, reasonable, and for services rendered. You can also deduct any paid time off for your employees.

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