Submitted By: someone
Answered: November 25, 2019 10:14 pm

My main source of income is tips at my job. What deductions can I take?

Employees cannot deduct any unreimbursed employee business expenses in 2018 through 2025. However, you may be eligible for certain “above-the-line” deductions that can be taken without itemizing, such as contributions to a traditional IRA and to a health savings account. Check the IRS instructions for eligibility to make these contributions.

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Tax Glossary

First-year expensing (or Section 179 deduction)

A deduction of the cost of business equipment in the year placed in service.

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