How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Jason M. Tyra, CPA Your Own Question
Jason M. Tyra, CPA
Jason M. Tyra, CPA, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 178
Experience:  Principal at Jason M. Tyra, CPA, PLLC
Type Your Tax Question Here...
Jason M. Tyra, CPA is online now
A new question is answered every 9 seconds

In August of 2015, I was approached by a friend who was in

Customer Question

In August of 2015, I was approached by a friend who was in the initial phases of spinning up a software start-up. He offered me a stake in the future company for providing my project management services. During this period, I incurred many expenses which included buying a new laptop, international phone calls, meals, driving to another town on a daily basis, etc.
In November of 2015, I got into a car accident when I was on my way to an event related to our start-up, and decided to back out of the venture in early January 2016 to take care of my health and other personal reasons.
Is there a way to deduct the expenses which I incurred during my short four month stint working for my friend's startup?
Submitted: 1 year ago.
Category: Tax
Expert:  Jason M. Tyra, CPA replied 1 year ago.
Hi Kamran:Based on what you've said here, you can probably deduct your expenses related to your employment as un-reimbursed employee business expenses. This is a miscellaneous deduction on Schedule A, which means that it is subject to a 2% of AGI floor.