With the new Tax Cuts & Jobs Act in effect for 2018 employees will no longer be allowed to deduct unreimbursed employee business expenses.
So, what does this mean and how does it impact employees going forward? We’ll explain.
Outside of minimum wage laws, there is no federal law requiring employers to reimburse employees that use their personal vehicle for business purposes, though most employers have opted to reimburse for these expenses.
If in the past, as a W2 employee, you may have been required to travel offsite to attend an event such as a sales meeting or a convention. If you had opted to use your own vehicle to travel to-and-from the event, you could reasonably expect that your employer would reimburse your mileage if a reimbursement policy was in place at your company, or worst case, you could write off the expense at years end at the current IRS standard mileage rate of $0.545 per mile.
As of 2018 these unreimbursed expenses are no longer possible. Continue Reading