Now that itemized deductions have been suspended through 2025, employees can no longer deduct unreimbursed business expenses.
Fortunately, you can help your employees out with a tax benefit that is also deductible by creating an accountable plan. When set up properly, it will allow you to reimburse employees for business travel and other related expenses while preventing the need to pay payroll taxes on the reimbursements. Call us if you have questions about setting up an accountable plan for your business.
As always, feel free to pass this Tip along to friends, and reach out if you need help with your personal tax and finance situation.
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