Tax Deductions Bank and Finance Industry Employees
You may be eligible for tax deductions if you work in the banking or finance industry. We realize how busy you are, so we have compiled a comprehensive list of all the tax savings benefits that you can take advantage of.
You can deduct out-of-pocket expenses that you incurred throughout the years, but were not reimbursed by your employer, from your tax return.
Tax Deductions for Bank and Finance Industry Employees: Meals and Travel Expenses
While you cannot claim travel between your home and workplace, you can claim travel between two workplaces or when you have to travel for work-related reasons.
Meals during overnight travel are eligible for reimbursement only if they were related to work
You can claim all costs associated with accommodation if you have to travel overnight for work purposes.
Taxis, buses, trains, trams and trains used for work purposes are all deductible.
Tax Deductions for Bank and Finance Industry Employees: Work Clothing
If your shirt, suit or tie includes your employer's logo, then you can claim the cost of the clothing you purchased for your employment.
The cost of laundry products and dry cleaning can also be claimed when cleaning and repairing clothing.
Tax Deductions for Bank and Finance Industry Employees: Training
You can claim for a variety of expenses based on work related training, including:
If the training takes place at home, the Internet costs will apply
Train trips to and from training sites
The total cost of attending a seminar or conference (including accommodations, meals, and travel).
Tax Deductions for Bank and Finance Industry Employees: Work Equipment and Business Expenses
Mobile, home phone and internet expenses related to the job can be claimed as a tax deduction. An estimated business usage percentage should be recorded. Items such as telephone bills, internet usage logs, etc.
Working from home may be eligible for a deduction if you incur work-related expenses. Taxation allows a deduction of $0.52 per hour for expenses such as heating, cooling, lighting, and depreciation of general office furniture. It is possible to claim separately expenses such as stationery, phones, internet, computers, etc.
When you purchase work equipment for less than $300, you can claim the full amount of the cost provided you use them for work purposes.
Calculators and other electronic equipment
Feel free to contact us for any assistance you may require. At Accountants360, we strive to provide high-quality service that constantly meets and sometimes exceeds our customers' expectations.